Stock Market Outlook for March 27, 2024
Orders of technology products are trending 21.4% above average through January and February, which is the best performance through this timeframe on record.
*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities. As always, the use of technical and fundamental analysis is encouraged in order to fine tune entry and exit points to average seasonal trends.
Stocks Entering Period of Seasonal Strength Today:
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PPG Industries, Inc. (NYSE:PPG) Seasonal Chart
Vertex Pharmaceuticals Inc. (NASD:VRTX) Seasonal Chart
Worthington Industries, Inc. (NYSE:WOR) Seasonal Chart
RadNet, Inc. (NASD:RDNT) Seasonal Chart
Surmodics, Inc. (NASD:SRDX) Seasonal Chart
Veris Residential, Inc. (NYSE:VRE) Seasonal Chart
The Markets
Stocks slipped on Tuesday in a bit of a reversal session amidst ongoing portfolio balancing in the final days of the first quarter. The S&P 500 Index closed down by just less than three-tenths of one percent, giving up earlier gains and pulling back marginally from the all-time high charted at the end of last week amidst positive reaction to the latest FOMC meeting announcement. Short-term support remains solid at the 20-day moving average (5153), underpinning the grind higher in prices that has been persistent this year. Negative momentum divergences with respect to MACD and RSI highlight waning buying demand, but this has yet to result in the stalling of the upward trajectory of stocks heading into another positive month for equity market performance in April. Don’t get too caught up in the near-term gyrations into the final days of the month/quarter as it only portrays the reshuffling of portfolio positioning and not anything that can be deemed as representative of a trend; an equal weight allocation to equity market exposure is still preferred over a capitalization/technology-heavy equivalent (eg. RSP over SPY).
Today, in our Market Outlook to subscribers, we discuss the following:
- US Durable Goods Orders and the investment implications within
- The change in US home prices and the seasonal trade in REITs
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for March 27
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Sentiment on Tuesday, as gauged by the put-call ratio, ended neutral at 0.98.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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