Stock Market Outlook for April 3, 2024
Following the strength of Gold, Silver is now breaking out amidst ongoing buying demand in the commodity market.
*** 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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AeroVironment Inc. (NASD:AVAV) Seasonal Chart
Novartis A G (NYSE:NVS) Seasonal Chart
Capital Southwest Corp. (NASD:CSWC) Seasonal Chart
LGI Homes, Inc. (NASD:LGIH) Seasonal Chart
SAGE Therapeutics, Inc. (NASD:SAGE) Seasonal Chart
Kornit Digital Ltd (NASD:KRNT) Seasonal Chart
Beyond, Inc. (NYSE:BYON) Seasonal Chart
The Markets
Stocks slipped on Tuesday as rate concerns had investors peeling back on risk. The S&P 500 Index closed down by just over seven-tenths of one percent, moving back to short-term support at the 20-day moving average at 5179. A downside open gap between 5204 and 5235 charted on Tuesday will warrant scrutiny in the days ahead as a zone of resistance as the benchmark attempts to define previous short-term resistance as support at 5180. Moving averages continue to advance above one another and momentum indicators remain above their middle lines, characteristic of a bullish intermediate-term trend, however, the negative divergence with respect to MACD and RSI have suggested waning enthusiasm towards stocks around these heights, something that could easily result in a short-term pullback. This is still a market that is providing more reason to be bullish of than bearish and our list of segments of the market to Accumulate or to Avoid attests to this fact given the considerably longer list of things to buy.
Today, in our Market Outlook to subscribers, we discuss the following:
- The breakout of Dividend stocks
- Job Openings and Labor Turnover Survey (JOLTS)
- The breakout of Silver
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Sentiment on Tuesday, as gauged by the put-call ratio, ended close to neutral at 0.95.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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