Stock Market Outlook for May 22, 2024
Traders are starting to gravitate back to growth and away from value, a tendency that is normal through the offseason for stocks that is now underway.
*** 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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Clearwater Paper Corp. (NYSE:CLW) Seasonal Chart
BioCryst Pharmaceuticals, Inc. (NASD:BCRX) Seasonal Chart
Retractable Technologies Inc. (AMEX:RVP) Seasonal Chart
Crawford & Co. (NYSE:CRD/B) Seasonal Chart
Greystone Housing Impact Investors LP (NYSE:GHI) Seasonal Chart
The Markets
Stocks closed mildly higher on Tuesday as the pullback in interest rates gave benefit to yield beneficiaries (technology, utilities). The S&P 500 Index ended higher by a quarter of one percent, charting a fresh record closing high and remaining elevated above support at the 100-day moving average (5047). Momentum indicators are showing very early signs of stalling with the MACD histogram starting to narrow and RSI remaining essentially unchanged in recent days just below overbought territory. Still, characteristics of a bullish trend persist and the removal of a level of resistance at the March high of 5264 places it into clear air to move higher, despite the unfavourable seasonal tendencies for stocks that runs, generally, from May to October. Short-term tendencies for stocks are positive surrounding the Memorial day long weekend and into the start of June, following which mean-reversion into the end of the second quarter becomes a dominant influence.
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.
- Currencies
- Cryptocurrencies
- Commodities
- Major Benchmarks
- Sub-sectors / Industries
- ETFs: Bonds | Commodities | Equity Markets | Industries | Sectors
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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 market segments to Accumulate or Avoid
- Growth starting to win over traders compared to Value
- Commodities
- US Dollar Index
- Investor sentiment
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for May 22
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Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.77.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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