Stock Market Outlook for April 4, 2024
The trends of supply and demand remain conducive to higher prices of energy commodities and the stocks through the period of seasonal strength that peaks around the end of the second quarter.
*** 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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Eaton Vance Enhanced Equity Income Fund (NYSE:EOI) Seasonal Chart
Axonics Modulation Technologies Inc. (NASD:AXNX) Seasonal Chart
Zedcor Inc. (TSXV:ZDC.V) Seasonal Chart
TransUnion.com (NYSE:TRU) Seasonal Chart
ING Global Equity Dividend and Premium Opportunity Fund (NYSE:IGD) Seasonal Chart
First Trust Dow Jones Internet Index Fund (NYSE:FDN) Seasonal Chart
Trican Well Service Ltd. (TSE:TCW.TO) Seasonal Chart
Navient Corp. (NASD:NAVI) Seasonal Chart
Tile Shop Holdings, Inc. (NASD:TTSH) Seasonal Chart
Zoetis Inc. (NYSE:ZTS) Seasonal Chart
AerCap Holdings NV (NYSE:AER) Seasonal Chart
LeMaitre Vascular Inc. (NASD:LMAT) Seasonal Chart
Helix Energy Solutions Group, Inc. (NYSE:HLX) Seasonal Chart
Scholastic Corp. (NASD:SCHL) Seasonal Chart
The Markets
Stocks stabilized following their selloff to start the week as traders start to buckle up for the potential reaction to March’s payroll report that is slated to be released on Friday. The S&P 500 Index closed with a gain of just over a tenth of one percent, hugging close to short-term support at the rising 20-day moving average (5186), effectively a neutral position ahead of an uncertain event. The divergence of MACD and RSI versus price continues to highlight the lack of enthusiasm that investors are expressing towards the market at these heights, but the benchmark remains far off from charting anything meaningful to suggest a sustained bearish move ahead. Moving averages continue to expand above one another and momentum indicators are holding above their middle lines, both characteristic of a positive intermediate-term (multi-month) trend. Seasonal tendencies tend to be supportive of equity prices through the month of April, after which fuel for the rising trend of stocks typically fades, often warranting tightening up on stops and/or reducing risk exposure for the off-season for stocks that runs between May and October. There is still plenty in this market to buy (see our Accumulate list), but the time will come when we will desire to sit on our hands while we let a digestive period play out. Remaining exposed to those segments of the market that are working (again, see our Accumulate list) is prudent.
Today, in our Market Outlook to subscribers, we discuss the following:
- US Vehicle Sales
- Energy Supply and Demand, along with the seasonal trade in oil and energy stocks
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Sentiment on Wednesday, as gauged by the put-call ratio, ended bearish at 1.07.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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