Stock Market Outlook for April 12, 2024
Apple (APPL) is attempting to peg support at last October’s low, threatening to disturb the rotation away from the Technology sector that had been playing out over the past couple of months as its optimal seasonal holding period gets set to begin.
*** 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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Globalstar Inc. (AMEX:GSAT) Seasonal Chart
Johnson Outdoors, Inc. (NASD:JOUT) Seasonal Chart
ClearSign Combustion Corp. (NASD:CLIR) Seasonal Chart
Invesco DWA Healthcare Momentum ETF (NASD:PTH) Seasonal Chart
Natera, Inc. (NASD:NTRA) Seasonal Chart
Golden Matrix Group Inc (NASD:GMGI) Seasonal Chart
CVR Energy Inc. (NYSE:CVI) Seasonal Chart
RF Industries, Inc. (NASD:RFIL) Seasonal Chart
SPDR S&P Health Care Services ETF (NYSE:XHS) Seasonal Chart
Sleep Country Canada Holdings Inc. (TSE:ZZZ.TO) Seasonal Chart
TrimTabs Float Shrink ETF (AMEX:TTAC) Seasonal Chart
First Asset Tech Giants Covered Call ETF (TSE:TXF/B.TO) Seasonal Chart
The Markets
Stocks snapped back on Thursday as traders found relief in the weaker than expected read of producer prices (PPI) for the month of March. The S&P 500 Index bounced by almost three-quarters of one percent, closing within a point of previous support at the 20-day moving average at 5200. Momentum indicators are attempting to stabilize around their middle lines following divergences that had been presented versus price over the past couple of months. Characteristics of a bullish intermediate-term trend persist and this is not expected to change until at least the off-season for stocks that runs from May to October. Next catalyst for the market will be the start of earnings season, which kicks off on Friday with the big banks. While bank stocks have historically been supported heading into the release of first quarter earnings reports, it has typically been a “sell on news” event through the weeks thereafter given the weaker performance that is normal of the banks industry between the end of April and the end of June. The optimal holding for this market segment runs from July 7th to November 11th.
Today, in our Market Outlook to subscribers, we discuss the following:
- The bounce in shares of Apple (AAPL)
- Insurance stocks breaking their parabolic path
- US Producer Price Index (PPI) and what it says about where to invest at the present time
- Weekly Jobless Claims and the path of the labour market
- The change in Natural Gas in storage and the seasonal trade in the commodity
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Sentiment on Thursday, 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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