Stock Market Outlook for August 19, 2022
Inventory injection season for Natural Gas has been much weaker than average, which keeps a tailwind behind the price of the commodity into the high demand winter heating season.
*** 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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Vanguard Russell 2000 Value ETF (NASD:VTWV) Seasonal Chart
First Trust Small Cap Core AlphaDEX Fund (NASD:FYX) Seasonal Chart
Schwab Fundamental U.S. Large Company Index ETF (AMEX:FNDX) Seasonal Chart
China Fund, Inc. (NYSE:CHN) Seasonal Chart
Invesco Canadian Preferred Share Index ETF (TSE:PPS.TO) Seasonal Chart
Autodesk, Inc. (NASD:ADSK) Seasonal Chart
BGC Partners, Inc. (NASD:BGCP) Seasonal Chart
Air Canada (TSE:AC.TO) Seasonal Chart
International Game Tech (NYSE:IGT) Seasonal Chart
Host Hotels & Resorts Inc. (NYSE:HST) Seasonal Chart
The Markets
Stocks traded in a narrow range on Thursday as the pause/digestion in the market continues around levels of significant long-term resistance. The S&P 500 Index gained around a quarter of one percent, showing ongoing reaction to the declining 200-day moving average at 4322 as a level of resistance. Momentum indicators continue to show signs of rolling over around overbought territory, but, while this may result in sell signals with respect to these metrics in the days ahead, characteristics of a bullish trend continue to materialize. Short and intermediate support can continue to be pegged at 20 and 50-day moving averages at 4142 and 3964, respectively. Volume has been waning in recent weeks as the market has climbed higher, but this is just indicative of the summer trading environment that we find ourselves in, a period known for diminished activity and/or volatility.
Today, in our Market Outlook to subscribers, we discuss the following:
- US Existing Home Sales
- Philadelphia Fed Manufacturing Index
- Weekly Jobless Claims
- Natural Gas Inventories and the seasonal trade in the commodity
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Sentiment on Thursday, as gauged by the put-call ratio, ended bullish at 0.89.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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