Stock Market Outlook for April 8, 2022
Health Care and Staples chart substantial gains to end at fresh all-time highs, emphasizing the defensive tilt of the market.
*** 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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McKesson Corp. (NYSE:MCK) Seasonal Chart
Obsidian Energy Ltd. (TSE:OBE.TO) Seasonal Chart
Blackbaud Inc. (NASD:BLKB) Seasonal Chart
Stratasys, Inc. (NASD:SSYS) Seasonal Chart
Cintas Corp. (NASD:CTAS) Seasonal Chart
Strategic Education, Inc. (NASD:STRA) Seasonal Chart
ENSERVCO Corp. (AMEX:ENSV) Seasonal Chart
The Markets
Stocks recovered from early day weakness to close higher on Thursday as investors look to enter the coming earnings season without any preconceived biases of what the results may show. The S&P 500 Index gained just over four-tenths of one percent, moving into Wednesday’s downside open gap that was charted between 4495 and 4515. This is a zone that we are watching with keen interest as a rejection from this range could put the market back into the mentality of selling resistance while ignoring support, as was the case through the first ten weeks of the year. The benchmark continues to respect short-term support at the rising 20-day moving average and gyrations around the widely scrutinized 200-day moving average is taking place. As has been highlighted in previous reports, investors are not going to want to enter first quarter earnings season with the negative bets that they enacted through the middle of March and it is reasonable for the benchmark to hold around major moving averages heading into this important fundamental event until greater clarity on the pace of corporate earnings is obtained. First quarter earnings season typically supports stocks through the month of April.
Today, in our Market Outlook to subscribers, we discuss the following:
- The breakout of the health care and consumer staples sectors
- Using the Ark Innovation ETF as a gauge of when it may be appropriate to get back into Technology stocks
- Weekly Jobless Claims
- Natural gas inventories and our seasonal trade in the commodity
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Sentiment on Thursday, as gauged by the put-call ratio, ended close to neutral at 0.91.
Seasonal charts of companies reporting earnings today:
- No Significant Earnings Scheduled for Today
S&P 500 Index
TSE Composite
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