Stock Market Outlook for March 28, 2024
Technology is on the way out as investors continue to rotate towards some of the market laggards.
*** 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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SLM Holding Corp. (NASD:SLM) Seasonal Chart
China Yuchai Intl Ltd. (NYSE:CYD) Seasonal Chart
Sohu.com Ltd. (NASD:SOHU) Seasonal Chart
Virtus LifeSci Biotech Clinical Trials ETF (AMEX:BBC) Seasonal Chart
ALPS Medical Breakthroughs ETF (AMEX:SBIO) Seasonal Chart
Vital Energy Inc. (NYSE:VTLE) Seasonal Chart
Q2 Holdings, Inc. (NYSE:QTWO) Seasonal Chart
Veritone, Inc. (NASD:VERI) Seasonal Chart
Kinsale Capital Group Inc. (NYSE:KNSL) Seasonal Chart
Eli Lilly & Co. (NYSE:LLY) Seasonal Chart
Summit Midstream Partners, LP (NYSE:SMLP) Seasonal Chart
Vermilion Energy Inc. (NYSE:VET) Seasonal Chart
Service Corp. (NYSE:SCI) Seasonal Chart
Advantage Energy Ltd. (TSE:AAV.TO) Seasonal Chart
Westshore Terminals Investment Corp. (TSE:WTE.TO) Seasonal Chart
Thomson Reuters Corp. (NYSE:TRI) Seasonal Chart
The Markets
Stocks jumped on Wednesday as portfolio managers flooded into this quarter’s laggards as part of a last minute push to rebalance portfolios before the period comes to a close. The S&P 500 Index closed with a gain of nearly nine-tenths of one percent, erasing early week losses and moving back toward the all-time highs charted last week following the positive reaction to the FOMC meeting. The broader technical backdrop remains the same, which is that characteristics of a bullish intermediate-term trend are firmly ingrained with momentum indicators above their middle lines and moving averages expanding above one another, but traders are not all that enthusiastic to buy around these record heights. Negative divergences with respect to MACD and RSI persist, highlighting waning buying demand. So long as the benchmark remains supported at the rising 20-day moving average (5162), the grind will inevitably persist and seasonal influences are poised to provide an additional benefit in the month ahead, capping off the best six month trend for stocks that started in October.
Today, in our Market Outlook to subscribers, we discuss the following:
- Market moving on from technology and towards just about everything else
- Equal weight, Mid-Caps, and Small-Caps
- The change in investor leverage in margin accounts
- Credit balances are on the rise after a year a contraction
- Commitment of Traders (COT) still showing a pessimistic bias among portfolio managers
- Weekly petroleum status report and the seasonal trade in the energy sector
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Sentiment on Wednesday, as gauged by the put-call ratio, ended neutral at 1.00.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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