Stock Market Outlook for May 29, 2024
Topping patterns in a number of areas of the market has forced us to expand our list of market segments to Avoid.
*** 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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Edison Intl, Inc. (NYSE:EIX) Seasonal Chart
Catalyst Pharmaceuticals Partners Inc. (NASD:CPRX) Seasonal Chart
IAMGOLD Corp. (NYSE:IAG) Seasonal Chart
Rugby Mining Ltd. (TSXV:RUG.V) Seasonal Chart
The Markets
Stocks closed generally mixed on Tuesday as traditional growth segments continue to draw funds away from core-cyclical sectors that have been showing evidence of carving out topping setups in the past few weeks. The S&P 500 Index ended essentially unchanged (up 0.02%), remaining below short-term horizontal resistance at 5325. Momentum indicators continue to rollover from their recent peaks with MACD on the precipice of charting a bearish crossover of its signal line, once again confirming the lack of buying demand investors are expressing towards stocks at these heights. The 100-day moving average (5070) remains in a position of support to the rising intermediate-term trend, but signs of upside exhaustion pointed out in the past week threaten a break of this hurdle in the weeks ahead as the market gets into the period of seasonal weakness in June.
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 segments of the market to either Accumulate or Avoid
- Our downgrade of Gold after a strong start to the year
- Gold cousins (Silver and Platinum), along with the miners
- The abnormal weakness in REITs at this time of year
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Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.83.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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