Stock Market Outlook for May 17, 2024
The increased demand on the power grid as a result of the Artificial Intelligence (AI) boom is finally showing up in electric utility production, which just reported the third strongest April change on record.
*** 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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PTTelekom Indonesia (NYSE:TLK) Seasonal Chart
Discovery Silver Corp. (TSE:DSV.TO) Seasonal Chart
Canadian Net Real Estate Investment Trust (TSXV:NET/UN.V) Seasonal Chart
SiteOne Landscape Supply, Inc. (NYSE:SITE) Seasonal Chart
Invesco S&P SmallCap 600 Pure Growth ETF (NYSE:RZG) Seasonal Chart
Morgan Stanley India Investment Fund (NYSE:IIF) Seasonal Chart
Trupanion, Inc. (NASD:TRUP) Seasonal Chart
Infosys Technologies Ltd. (NYSE:INFY) Seasonal Chart
Consolidated Water Co. Ltd. (NASD:CWCO) Seasonal Chart
Camden National Corp. (NASD:CAC) Seasonal Chart
Quaker Chemical Corp. (NYSE:KWR) Seasonal Chart
Apogee Enterprises, Inc. (NASD:APOG) Seasonal Chart
Alamos Gold Inc. (NYSE:AGI) Seasonal Chart
Seabridge Gold, Inc. (NYSE:SA) Seasonal Chart
The Markets
Stocks hovered predominantly around the flat-line on Thursday as traders took a breather following the prior session’s record setting breakout of major equity benchmarks. The S&P 500 Index closed with a loss of two-tenths of one-percent, charting a bit of a doji (indecision) candlestick above previous resistance at the March high of 5264. The Relative Strength Index (RSI) is back knocking on the door of overbought territory, providing characteristics of a bullish trend that seemed like was under threat just a few weeks ago. The rising 100-day moving average (5031) remains the hurdle to shoot long-side bets against as the intermediate-term path of higher-highs and higher-lows progresses. Thus far, the off-season for stocks has not proven to be much of a headwind for the equity market and the next short-term buying pattern typically materializes in the days ahead amidst the run-up to the Memorial Day holiday. While much of the short-covering that plays out around this event (eg. the meme stock rally) may have already been realized, the technicals remain sufficient to continue to position for higher prices in the equity market until such point that levels of resistance become more important to traders than levels of support.
Today, in our Market Outlook to subscribers, we discuss the following:
- US Industrial Production and the investment implications within
- The influence of the trend of industrial production on the US Presidential Election
- Manufacturer sentiment
- Weekly Jobless Claims and the health of the labor market
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for May 17
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Sentiment on Thursday, as gauged by the put-call ratio, ended bullish at 0.81.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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