Stock Market Outlook for May 10, 2024
The Visa Discretionary Spending Momentum Index has fallen to the lowest level for April since the height of the pandemic in 2020.
*** 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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Syros Pharmaceuticals, Inc. (NASD:SYRS) Seasonal Chart
Schwab U.S. Large-Cap Growth ETF (NYSE:SCHG) Seasonal Chart
SPDR Barclays Long Term Corporate Bond ETF (AMEX:SPLB) Seasonal Chart
Vanguard Long-Term Corporate Bond ETF (NASD:VCLT) Seasonal Chart
SPDR S&P Software & Services ETF (NYSE:XSW) Seasonal Chart
Trade Desk Inc. (NASD:TTD) Seasonal Chart
Fidelity Nasdaq Composite Index ETF (NASD:ONEQ) Seasonal Chart
Automotive Properties REIT (TSE:APR/UN.TO) Seasonal Chart
SPDR S&P Internet ETF (AMEX:XWEB) Seasonal Chart
Intuit, Inc. (NASD:INTU) Seasonal Chart
American States Water Co. (NYSE:AWR) Seasonal Chart
Ameresco Inc. (NYSE:AMRC) Seasonal Chart
Douglas Dynamics Inc. (NYSE:PLOW) Seasonal Chart
H & R Block, Inc. (NYSE:HRB) Seasonal Chart
ARK Innovation ETF (AMEX:ARKK) Seasonal Chart
iShares Nasdaq Biotechnology ETF (NASD:IBB) Seasonal Chart
Vanguard Mega Cap Growth ETF (NYSE:MGK) Seasonal Chart
ALPS Clean Energy ETF (AMEX:ACES) Seasonal Chart
JPMorgan U.S. Momentum Factor ETF (AMEX:JMOM) Seasonal Chart
Etsy Inc. (NASD:ETSY) Seasonal Chart
Gildan Activewear, Inc. (NYSE:GIL) Seasonal Chart
Algonquin Power & Utilities Corp. (TSE:AQN.TO) Seasonal Chart
The Markets
Stocks clawed their way higher on Thursday as interest rates pulled back amidst strong demand from a bond auction and as jobless claims data showed a concerning jump for the week just past. The S&P 500 Index closed with a gain of just over half of one percent, further advancing above 20 and 50-day moving averages that were retaken as levels of support in the past few days. The 100-day moving average (5005) continues to support the intermediate-term rising trend of stocks, warranting a bullish bias according to our seasonal (multi-month) approach, so long as levels of support hold a greater weight than levels of resistance. The key hurdle to watch ahead is the all-time high around 5260, which is less that 50-points overhead. The benchmark has managed to surpass all points that could have exhausted the rebound from the April low and the prospects are good that we’ll see the previous peak tested and/or exceeded, keeping the intermediate-term path on a trajectory of higher-highs and higher-lows. Seasonal tendencies call for weakness in stocks through the middle of May, but the trend is not providing much reason to abide by the notorious “Sell In May and Go Away” strategy, yet.
Today, in our Market Outlook to subscribers, we discuss the following:
- Precious metals and the stocks of the producers are off to the races again
- Weekly jobless claims and the health of the labor market
- The trend of business applications in the US
- Visa Spending Momentum Index
- The weak relative trend of the Consumer Discretionary sector
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Sentiment on Thursday, as gauged by the put-call ratio, ended bullish at 0.87.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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