Stock Market Outlook for December 24, 2024
The rising trend in the bond market has been broken, removing a tailwind that has worked to support equity prices for at least the past year.
*** 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.
AudioEye, Inc. (NASD:AEYE) Seasonal Chart
NovaBay Pharmaceuticals, Inc. (AMEX:NBY) Seasonal Chart
WM Technology, Inc. (NASD:MAPS) Seasonal Chart
iShares MSCI Austria Capped ETF (NYSE:EWO) Seasonal Chart
BlackRock Income Trust, Inc. (NYSE:BKT) Seasonal Chart
Madison/Claymore Covered Call & Equity Strategy Fund (NYSE:MCN) Seasonal Chart
Radisson Mining Resources Inc. (TSXV:RDS.V) Seasonal Chart
Alaunos Therapeutics, Inc. (NASD:TCRT) Seasonal Chart
VanEck Vectors Gaming ETF (NYSE:BJK) Seasonal Chart
Henry Schein, Inc. (NASD:HSIC) Seasonal Chart
Kennedy-Wilson, Inc. (NYSE:KW) Seasonal Chart
Sienna Resources Inc. (TSXV:SIE.V) Seasonal Chart
Canadian Banc Recovery Corp. (TSE:BK.TO) Seasonal Chart
Note to readers: With the holidays upon us (Christmas Day and Boxing Day) and the market delivering little information to analyze in the days ahead, our next report will be released on Saturday.
The Markets
Stocks gained in a fairly quiet pre-holiday session, helping to alleviate some of the loss that major benchmarks had recorded over the past week. The S&P 500 Index ended higher by almost three-quarters one percent, closing above resistance at the 50-day moving average (5930). The benchmark has bounced from the previous level of support that was confirmed in November at the open gap charted following the US Election at 5850. While we will be looking for this point as the propping level for a rebound into the holiday period ahead, there is still much to be contemplated pertaining to the near-term trend given the sharply negative candlesticks charted during the last two hours of trade on Wednesday. On a intermediate-term basis, while the trend remains that of higher-highs and higher-lows, the first sign that the 50-day moving average has been unable to stem the tide of selling pressures certainly is sufficient to raise concern. Major moving averages continue to show rising parallel paths and momentum indicators continue to gyrate predominantly above their middle lines, providing characteristics of a bullish trend that warrants a positive positive bias, for now. Should we start to see major moving averages act as points of resistance, reason to conclude the shift of trend would be provided. Our list of candidates in the market to Accumulate and to Avoid remains appropriately positioned at this seasonally strong time of year, but our Avoid list has been growing in recent weeks given the fading of the election euphoria in the market.
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
Subscribe now.
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
- The change we are making in the Super Simple Seasonal Portfolio
- US Durable Goods Orders and the investment implications within
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for December 24
Not signed up yet? Subscribe now to receive full access to all of the research and analysis that we publish.
Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.92.
Seasonal charts of companies reporting earnings today:
- No Earnings Scheduled for Today
S&P 500 Index
TSE Composite
| Sponsored By... |
|
