Stock Market Outlook for September 24, 2024
In this risk averse market, you can still energize your portfolio with plays in Uranium and Natural Gas.
*** 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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Wells Fargo & Co. (NYSE:WFC) Seasonal Chart
Oshkosh Corp. (NYSE:OSK) Seasonal Chart
Associated Banc-Corp. (NYSE:ASB) Seasonal Chart
Janus Henderson Group plc (NYSE:JHG) Seasonal Chart
Thor Industries, Inc. (NYSE:THO) Seasonal Chart
Allegiant Travel Co. (NASD:ALGT) Seasonal Chart
American Axle & Manufac. (NYSE:AXL) Seasonal Chart
Forward Air Corp. (NASD:FWRD) Seasonal Chart
DXC Technology Company (NYSE:DXC) Seasonal Chart
The Markets
Stocks edged higher to start the new week, continuing to mitigate the weakness that is notorious from a seasonal standpoint around this time of year. The S&P 500 Index ended with a gain of nearly three-tenths of one percent, remaining above horizontal resistance that was broken last Thursday at 5650. Support remains well defined at the 100-day moving average (5441). With the breakout above resistance, 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 third 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.
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
- Other Notes
- Natural Gas
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for September 24
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Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.86.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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