Stock Market Outlook for November 15, 2024
The latest read on the Petroleum Status in the US is providing a very interesting setup for the seasonal trade in the energy sector that starts next month.
*** 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.
iShares S&P/TSX Capped Information Technology Index ETF (TSE:XIT.TO) Seasonal Chart
Invesco KBW High Dividend Yield Financial ETF (NASD:KBWD) Seasonal Chart
Schwab US Large-Cap ETF (NYSE:SCHX) Seasonal Chart
SPDR S&P Telecom ETF (NYSE:XTL) Seasonal Chart
Silvercorp Metals Inc. (TSE:SVM.TO) Seasonal Chart
Dominion Lending Centres Inc. (TSE:DLCG.TO) Seasonal Chart
Barrick Gold Corp. (NYSE:GOLD) Seasonal Chart
Lennar Corp. (NYSE:LEN) Seasonal Chart
Skechers Usa, Inc. (NYSE:SKX) Seasonal Chart
Pilgrims Pride Corp. (NASD:PPC) Seasonal Chart
Teck Resources Ltd. (TSE:TECK/B.TO) Seasonal Chart
Veeco Instruments, Inc. (NASD:VECO) Seasonal Chart
Algonquin Power & Utilities Corp. (NYSE:AQN) Seasonal Chart
CVR Partners LP (NYSE:UAN) Seasonal Chart
The Markets
The persistency of the strength in the US Dollar continues to weigh on the positivity that had developed in the equity market following last week’s Republican election sweep. The S&P 500 Index closed down by six-tenths of one percent, moving slightly below the important psychological threshold and the year-end target of many analysts at 6000. Gap support remains unfilled between Tuesday’s close at 5783 and Wednesday’s open at 5864, a zone that looks reasonable to be filled, to some degree, before the march higher aligned with seasonal norms continues around the US Thanksgiving holiday. On a intermediate-term scale, there remains greater evidence of support than resistance, presenting characteristics of a bullish trend that remains enticing for the strength that is normally realized in the market at year-end. MACD has curled higher above its middle line following the surge in prices in recent days, reconfirming characteristics of a bullish trend. We continue to like how our list of candidates in the market to Accumulate and to Avoid is positioned, but we are cognizant of changing market dynamics as dollar and rate headwinds grow. We will be scrutinizing whether any changes are required in the days/weeks ahead as the price action evolves.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly jobless claims and the health of the labor market
- The seasonal trade in Natural Gas and the fundamentals surrounding the commodity
- The interesting fundamental setup in the energy sector heading towards the optimal holding period for this group
- Refining stocks and the seasonal rise in Crack spreads
- US Producer Price Index (PPI)
- Services over Goods
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for November 15
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 bullish at 0.91.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
| Sponsored By... |
|
