Stock Market Outlook for April 26, 2024
The new 52-week high engine has been turned off as strains emerge in the intermediate-term (multi-month) rising trend of stocks heading towards the off-season for the equity market.
*** 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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Virgin Galactic Holdings Inc (NYSE:SPCE) Seasonal Chart
Trisura Group Ltd. (TSE:TSU.TO) Seasonal Chart
Standard Lithium Ltd. (AMEX:SLI) Seasonal Chart
Atomera Inc. (NASD:ATOM) Seasonal Chart
Tidewater Midstream and Infrastructure Ltd. (TSE:TWM.TO) Seasonal Chart
HubSpot Inc. (NYSE:HUBS) Seasonal Chart
CenterPoint Energy, Inc. (NYSE:CNP) Seasonal Chart
Altisource Portfolio Solutions S.A. (NASD:ASPS) Seasonal Chart
SAIA Inc. (NASD:SAIA) Seasonal Chart
Crocs, Inc. (NASD:CROX) Seasonal Chart
Brown & Brown Inc. (NYSE:BRO) Seasonal Chart
Equitable Group Inc. (TSE:EQB.TO) Seasonal Chart
Cintas Corp. (NASD:CTAS) Seasonal Chart
Everspin Technologies, Inc. (NASD:MRAM) Seasonal Chart
Apple, Inc. (NASD:AAPL) Seasonal Chart
Alexanders, Inc. (NYSE:ALX) Seasonal Chart
ADTRAN, Inc. (NASD:ADTN) Seasonal Chart
Bio-Techne Corporation (NASD:TECH) Seasonal Chart
Westport Innovations, Inc. (TSE:WPRT.TO) Seasonal Chart
Alphabet Inc. – Class C (NASD:GOOG) Seasonal Chart
The Markets
Stocks were rattled on Thursday, first the result of Meta’s shocking gap lower following the release of earnings and then the result of the GDP report for the first quarter that highlighted slowing growth but still stubborn inflation. The S&P 500 Index closed down by around half of one percent, showing hesitation below short-term resistance at the 20-day moving average at 5123. A downside gap was opened on the day between 5020 and 5058, a span that was predominantly closed throughout the course of the session. The market benchmark is gradually showing signs of strain as participants start to adopt more of a risk-off mentality just days ahead of the start of the traditional off-season for stocks after the first week of May. Plenty of earnings reports remain on the docket to keep investors on edge through the days ahead, potentially making traders skittish about adopting a directional bet on the market, but there is growing evidence that the equity market is no longer on the bullish path that helped to elevate prices through the past six months. While Thursday’s weakness certainly raises concerns, we do not want to jump to any extreme conclusions within the normally upbeat period surrounding month-end and the start of the new month, particularly after an abnormal down month for April. However, as we have been alluding to, the likelihood is growing that there will be a need to become cautious in portfolio positioning around the start of the off-season for stocks in just over a week from now.
Today, in our Market Outlook to subscribers, we discuss the following:
- Market showing its willingness to give up on notable intermediate-term trends that had been playing out in some bellwethers
- New 52-week high engine has been turned off
- Weekly jobless claims and the health of the labor market
- US International Trade in Goods and the bottoming pattern on the trade deficit
- Natural Gas
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Sentiment on Thursday, as gauged by the put-call ratio, ended slightly bullish at 0.92.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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