Stock Market Outlook for September 27, 2024
Semiconductors resolving their recent corrective pattern as their optimal holding period gets set to begin.
*** 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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UBS AG (NYSE:UBS) Seasonal Chart
Victory Capital Holdings, Inc. (NASD:VCTR) Seasonal Chart
Nuveen ESG Large-Cap Value ETF (AMEX:NULV) Seasonal Chart
United Airlines Holdings Inc. (NASD:UAL) Seasonal Chart
Stantec Inc (NYSE:STN) Seasonal Chart
CorVel Corp. (NASD:CRVL) Seasonal Chart
AAR Corp. (NYSE:AIR) Seasonal Chart
Walt Disney Co. (NYSE:DIS) Seasonal Chart
Brink’s Co. (NYSE:BCO) Seasonal Chart
Acuity Brands, Inc. (NYSE:AYI) Seasonal Chart
Graco, Inc. (NYSE:GGG) Seasonal Chart
Choice Hotels Intl, Inc. (NYSE:CHH) Seasonal Chart
Strattec Security Corp. (NASD:STRT) Seasonal Chart
Transmation, Inc. (NASD:TRNS) Seasonal Chart
The Markets
Stocks ended with gains on Thursday as investors flooded into equities that are in a position to benefit from recently announced stimulus measures in China. The S&P 500 Index closed with a gain of four-tenths of one percent, achieving a fresh record high despite ongoing evidence of waning of near-term upside momentum. The benchmark remains above horizontal resistance that was broken last Thursday at 5650 and support remains well defined at the 100-day moving average (5461). Seasonality has us locked into a cautious view of stocks through the remaining days of September and the near-term evidence of upside exhaustion hints that we could still get another test lower before the end of the month and, possibly, into the start of next. The groups denoted as Accumulate candidates in our weekly chart books continue to work very well and we will scrutinize our list of Avoid candidates carefully once we get beyond this normally weak period on the calendar that corresponds with end of quarter mean reversion.
Today, in our Market Outlook to subscribers, we discuss the following:
- US Durable Goods Orders and the investment implications within
- Weekly Jobless Claims and the health of the labor market
- Natural Gas Inventories and the dynamics playing out in the energy market
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Sentiment on Thursday, as gauged by the put-call ratio, ended bullish at 0.78.
Seasonal charts of companies reporting earnings today:
- No Significant earnings scheduled for today.
S&P 500 Index
TSE Composite
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