Stock Market Outlook for April 9, 2024
Consumer staples showing sharp rejection from horizontal resistance as traders have yet to adopt the risk-off mentality that typically leaches into trading activity as we near the start of May.
*** 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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MTY Food Group Inc. (TSE:MTY.TO) Seasonal Chart
AZZ, Inc. (NYSE:AZZ) Seasonal Chart
KKR & Co Inc (NYSE:KKR) Seasonal Chart
Commercial Vehicle Group Inc. (NASD:CVGI) Seasonal Chart
Northeast Bank (NASD:NBN) Seasonal Chart
RGC Resources, Inc. (NASD:RGCO) Seasonal Chart
Baker Hughes Company (NASD:BKR) Seasonal Chart
iShares U.S. Small Cap Index ETF (CAD-Hedged) (TSE:XSU.TO) Seasonal Chart
Eaton Vance Risk-Managed Diversified Equity Income Fund (NYSE:ETJ) Seasonal Chart
Nuveen Quality Municipal Income Fund (NYSE:NAD) Seasonal Chart
Vanguard S&P Small-Cap 600 Growth ETF (NYSE:VIOG) Seasonal Chart
Acushnet Holdings Corp. (NYSE:GOLF) Seasonal Chart
Clarus Corp. (NASD:CLAR) Seasonal Chart
The Markets
Stocks closed generally mixed on Monday as traders await key inflation data that is slated to be released in the days ahead. The S&P 500 Index closed marginally lower by a mere four basis point (0.04%), managing to hold onto the 20-day moving average (5194) as a point of near-term support. The market seems to be “clingy” around this rather neutral level ahead of the uncertain events ahead. Characteristics of a bullish intermediate-term trend persist with moving averages advancing above one another and momentum indicators hovering above their middle lines. The negatives divergences with respect to MACD and RSI suggest that traders are still not all that enthusiastic about buying stocks at these heights, but this has yet to turn off the overall rising trend of equities that has spanned from the October of 2022 lows. Seasonally, about a month remains in the best time of year for stocks that runs from the end of October to the start of May and this year has certainly not disappointed. Next up will be to seek signs of risk aversion that would suggest traders preparing for a negative move in the equity market ahead, but, thus far, evidence of this is absent.
Want to know which areas of the market to buy or sell? Our Weekly Chart Books have just been updated, providing a clear Accumulate, Avoid, or Neutral rating for currencies, cryptocurrencies, commodities, broad markets, and subsectors/industries of the market. Subscribers can login and click on the relevant links to access.
- Currencies
- Cryptocurrencies
- Commodities
- Major Benchmarks
- Sub-sectors / Industries
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Today, in our Market Outlook to subscribers, we discuss the following:
- Our weekly chart books update, along with our list of market segments to Accumulate or Avoid
- Emerging Markets
- Commodities other than energy and precious metals that are surging higher
- Gold and Silver Miners and the upside targets of each
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Sentiment on Monday, 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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