Stock Market Outlook for September 23, 2024
Dow Theory is failing to confirm the new highs and bullish trend in many of the broad market benchmarks given the capped performance of transportation stocks from the past few years.
*** 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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Kroger Co. (NYSE:KR) Seasonal Chart
DENTSPLY Intl Inc. (NASD:XRAY) Seasonal Chart
Advance Auto Parts Inc. (NYSE:AAP) Seasonal Chart
Plexus Corp. (NASD:PLXS) Seasonal Chart
SEI Investments Co. (NASD:SEIC) Seasonal Chart
NetGear, Inc. (NASD:NTGR) Seasonal Chart
Check Point Software Technologies, Ltd. (NASD:CHKP) Seasonal Chart
Globe Life Inc. (NYSE:GL) Seasonal Chart
iShares U.S. Basic Materials ETF (NYSE:IYM) Seasonal Chart
Tri Pointe Homes Inc. (NYSE:TPH) Seasonal Chart
Coca-Cola Consolidated, Inc. (NASD:COKE) Seasonal Chart
The Markets
Stocks closed little changed to end the week as market held onto the strength attributed to the Fed’s unexpected move to cut rates by an outsized 50 basis points on Wednesday. The S&P 500 Index shed a mere two-tenths of one percent, remaining above horizontal resistance that was broken on Thursday at 5650. Support remains well defined at the 100-day moving average (5434). The technicals suggest the continuation of the near-term direction of travel, which is higher, despite being within this weak time of year for equity market performance at the end of the second quarter. Seasonality has us locked into this cautious view of stocks through the remaining days of September, but the strength that the market has been revealing certainly diminishes the threat of an intermediate-term topping pattern that was apparent previous.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly look at the large-cap benchmark
- CASS Freight Index
- Delivery Services industry and the downfall of shares of FedEx (FDX)
- Dow Theory
- Canadian Retail Sales
- Canada Consumer Price Index (CPI)
- The technicals of the Canadian Dollar and other currencies around the globe
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Sentiment on Friday, as gauged by the put-call ratio, ended slightly bullish at 0.89.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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