Stock Market Outlook for September 13, 2024
Gold has broken out of a short-term consolidation range, reaching new heights during its period of seasonal strength.
*** 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:
Subscribers Click on the relevant link to view the full profile. Not a subscriber? Signup here.
Automatic Data Processing, Inc. (NASD:ADP) Seasonal Chart
HP Inc. (NYSE:HPQ) Seasonal Chart
Emera Inc. (TSE:EMA.TO) Seasonal Chart
Delta Air Lines Inc. (NYSE:DAL) Seasonal Chart
IDT Corp. (NYSE:IDT) Seasonal Chart
Industrial-Alliance Life Insurance Co. (TSE:IAG.TO) Seasonal Chart
Vanguard Dividend Appreciation ETF (NYSE:VIG) Seasonal Chart
Invesco S&P MidCap Low Volatility ETF (AMEX:XMLV) Seasonal Chart
The Markets
Stocks continue to claw back last week’s losses as market participants look to regain exposure to the technology stocks that had been sold off in recent weeks. The S&P 500 Index ended higher by three-quarters of one percent, moving back above implied resistance at the 20 and 50-day moving averages. The recovery continues to skew the look of the intermediate-term topping pattern that was charted from last week’s rollover below the mid-July (summer rally) peak. The large-cap benchmark continues to trade within the range of last week’s bearish candlestick, which fails to alter the intermediate-term view, yet. Last week’s high at 5623 is important as a close below this level by the end of the week keeps the negative tilt that the market has been expressing intact, while a violation would mitigate the threat that the topping pattern has been portraying. The weakest part of September is still ahead, running through the last couple of weeks of the month, therefore we are far from achieving the all-clear to entertain a more risk-on perspective to portfolio allocations while the seasonal, technical, and fundamental backdrops present warning. Caution in risk assets remains appropriate, particularly while within this period of seasonal volatility and while the fundamental backdrop appears uncertain.
Today, in our Market Outlook to subscribers, we discuss the following:
- US Producer Price Index (PPI)
- Multi-year low level for market’s inflation expectations and the benefit it is providing to the seasonal trade in the treasury bond market
- Record short allocation money managers are holding in treasury futures
- Interest rate sensitive sectors (REITs and Utilities)
- Gold and Gold Miners
- 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 September 13
Not signed up yet? Subscribe now to receive full access to all of the research and analysis that we publish.
Sentiment on Thursday, as gauged by the put-call ratio, ended close to neutral at 0.95.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
| Sponsored By... |
|
