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Stock Market Outlook for May 9, 2024

An odd dynamic has been playing out in recent days as both Utilities (XLU) and Banks (KBE) chart new 52-week highs while the rest of the market attempts to recoup the losses that were recorded through the past month.

Real Time Economic Calendar provided by Investing.com.

 

 

*** 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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Columbia India Consumer ETF (NYSE:INCO) Seasonal Chart

Columbia India Consumer ETF (NYSE:INCO) Seasonal Chart

Guardant Health Inc. (NASD:GH) Seasonal Chart

Guardant Health Inc. (NASD:GH) Seasonal Chart

ClearBridge All Cap Growth ETF (NASD:CACG) Seasonal Chart

ClearBridge All Cap Growth ETF (NASD:CACG) Seasonal Chart

Global X YieldCo Index ETF (NASD:RNRG) Seasonal Chart

Global X YieldCo Index ETF (NASD:RNRG) Seasonal Chart

iShares S&P 500 Growth ETF (NYSE:IVW) Seasonal Chart

iShares S&P 500 Growth ETF (NYSE:IVW) Seasonal Chart

Renaissance IPO ETF (AMEX:IPO) Seasonal Chart

Renaissance IPO ETF (AMEX:IPO) Seasonal Chart

Canadian Western Bank (TSE:CWB.TO) Seasonal Chart

Canadian Western Bank (TSE:CWB.TO) Seasonal Chart

iShares Expanded Tech-Software Sector ETF (NYSE:IGV) Seasonal Chart

iShares Expanded Tech-Software Sector ETF (NYSE:IGV) Seasonal Chart

Neogen Corp. (NASD:NEOG) Seasonal Chart

Neogen Corp. (NASD:NEOG) Seasonal Chart

Jack Henry & Associates, Inc. (NASD:JKHY) Seasonal Chart

Jack Henry & Associates, Inc. (NASD:JKHY) Seasonal Chart

Seabridge Gold Inc. (TSE:SEA.TO) Seasonal Chart

Seabridge Gold Inc. (TSE:SEA.TO) Seasonal Chart

 

The Markets

Stocks closed mixed on Wednesday as traders await the next catalyst to move stocks now that earnings season is winding down.  The S&P 500 Index was essentially unchanged (0.00%), remaining above previous resistance around 2o and 50-day moving averages, continuing to eye the all-time high charted at the end of March around 5260Support remains well defined at the 100-day moving average (5000), a variable hurdle that is working to keep the rising intermediate-term path of the benchmark intact.  Momentum indicators continue to creep back above their middle lines, trying to avoid the adoption of characteristics of a bearish trend that had been threatened by April’s selloff.  This market continues to lack significant evidence of resistance, warranting a bullish bias of stocks until such point that the trend stops evolving higher.  The major hurdle on our radar is the March peak (5260) and there is still a possibility that the market stalls before it reaches that point.  We can speculate on when and where a significant peak will be charted, but the reaction to any shift of tide is only warranted once the technicals confirm.

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

  • Odd dynamic of both utilities and banks charting 52-week highs
  • New 52-week high engine has been fired back up
  • The trend of credit spreads
  • The record setting length of time that the treasury yield curve has been inverted
  • Energy supply/demand and the seasonal trade in the sector

Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for May 9

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Sentiment on Wednesday, as gauged by the put-call ratio, ended neutral at 0.97.

 

Seasonal charts of companies reporting earnings today:

Brookfield Corporation Seasonal Chart Takeda Pharmaceutical Company Limited Seasonal Chart Sun Life Financial Inc. Seasonal Chart Mettler-Toledo International, Inc. Seasonal Chart Telefonica SA Seasonal Chart Wheaton Precious Metals Corp. Seasonal Chart argenx SE Seasonal Chart Pembina Pipeline Corp. Seasonal Chart Warner Bros. Discovery, Inc. Seasonal Chart Credicorp Ltd. Seasonal Chart Hyatt Hotels Corporation Seasonal Chart Akamai Technologies, Inc. Seasonal Chart EPAM Systems, Inc. Seasonal Chart Viatris Inc. Seasonal Chart Suzano S.A. Seasonal Chart RB Global, Inc. Seasonal Chart Insulet Corporation Seasonal Chart US Foods Holding Corp. Seasonal Chart Gen Digital Inc. Seasonal Chart Evergy, Inc. Seasonal Chart Charles River Laboratories International, Inc. Seasonal Chart Natera, Inc. Seasonal Chart Onto Innovation Inc. Seasonal Chart Trex Company, Inc. Seasonal Chart Tapestry, Inc. Seasonal Chart BanColombia S.A. Seasonal Chart Dropbox, Inc. Seasonal Chart Berry Global Group, Inc. Seasonal Chart

 

S&P 500 Index

 

TSE Composite

 

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