Stock Market Outlook for April 23, 2024
The market appears to be adopting a defensive tilt as it transitions towards the off-season for stocks starting in 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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Ameren Corp. (NYSE:AEE) Seasonal Chart
Intuitive Surgical, Inc. (NASD:ISRG) Seasonal Chart
Lumen Technologies Inc (NYSE:LUMN) Seasonal Chart
Artivion, Inc. (NYSE:AORT) Seasonal Chart
Verra Mobility Corporation (NASD:VRRM) Seasonal Chart
The Markets
Stocks snapped back to start the week as the market starts to unwind some of the short-term oversold indications that had materialized in recent weeks. The S&P 500 Index gained just shy of nine-tenths of one percent, charting a bit of a doji indecision candlestick around the range of the prior session’s span. A bounce from the 100-day (~20 week) moving average is being attempted as the bulls strive to keep the rising intermediate-term trend intact. Momentum indicators are showing early indications of curling higher out of their multi-week slide as they get set to either confirm the adoption of characteristics of a bearish trend or the return to bullish paths that had dominated since the end of October. The health of the prevailing intermediate-term trend is never decided by the first short-term pullback, but rather by the strength of the rebound. This is something we’ll get a sense of over the next couple of weeks as the normal bounce from the 20-week moving averages materializes. Short-term resistance can be pegged at the now declining 20-day moving average (5147). Less than two weeks remains in the best six month of the year trend for stocks, after which we may have to buckle up for a more defensive posture to market positioning ahead.
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.
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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 all segments of the market to either Accumulate or Avoid
- Looking at the long-term treasury bond ETF ahead of the start of its optimal holding period
- Copper has reached our upside target as its period of seasonal strength comes to an end
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for April 23
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Sentiment on Monday, as gauged by the put-call ratio, ended close to neutral at 0.94.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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