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Stock Market Outlook for April 11, 2024

Bond prices and the US Dollar are breaking their multi-month consolidation ranges, adding instability to the equity market.

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*** 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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PJT Partners Inc. (NYSE:PJT) Seasonal Chart

PJT Partners Inc. (NYSE:PJT) Seasonal Chart


The Markets

Stocks came under pressure on Wednesday as a hotter than expected read of inflation in the economy had investors ratcheting back expectations for rate cuts this year.  The S&P 500 Index ended lower by just less than one percent, closing below short-term support at the 20-day moving average (5198), seemingly setting up for a test of the rising 50-day moving average (5100).  Near-term downside risks are present to February’s upside open gap between 4983 and 5038, but we are not expecting anything significantly negative for stocks, particularly according to our intermediate-term/seasonal approach, until we get into the off-season for stocks that begins in just less than a month from now.  Upside exhaustion may be taking a short-term toll, something that the negative momentum divergences have been threatening for some time, but we have yet to see any damage to the intermediate-term trend; momentum indicators are still holding above their middle lines and moving averages are still hovering above one another.

Today, in our Market Outlook to subscribers, we discuss the following:

  • The break of consolidation ranges for bond prices and the US Dollar, thereby destabilizing stocks
  • US Consumer Price Index (CPI) and what the results say about where to allocate portfolios in this inflationary backdrop
  • The change in energy supply and demand, along with the seasonal trade in the energy sector

Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for April 11

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Sentiment on Wednesday, as gauged by the put-call ratio, ended neutral at 0.99.




Seasonal charts of companies reporting earnings today:

Constellation Brands Inc Seasonal Chart Fastenal Company Seasonal Chart CarMax Inc Seasonal Chart Argan, Inc. Seasonal Chart The Lovesac Company Seasonal Chart Hooker Furnishings Corporation Seasonal Chart Northern Technologies International Corporation Seasonal Chart Conn's, Inc. Seasonal Chart


S&P 500 Index


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