Stock Market Outlook for February 9, 2023
*** 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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Iridium Communications Inc. (NASD:IRDM) Seasonal Chart
Medallion Financial Corp. (NASD:MFIN) Seasonal Chart
Scorpio Tankers Inc. (NYSE:STNG) Seasonal Chart
Genco Shipping & Trading Ltd. (NYSE:GNK) Seasonal Chart
Invesco S&P Emerging Markets Low Volatility ETF (AMEX:EELV) Seasonal Chart
The Markets
Stocks slipped during the Wednesday session as investors digest the breakout moves of the past week. The S&P 500 Index closed down by 1.11%, consolidating above previous horizontal resistance, now support, at 4100. The cloud of moving averages below the benchmark are gradually turning higher between 3900 to 4000, providing another zone of support to the intermediate-term trend. Just the 200-day moving average is maintaining a negative slope, but the longer that price remains above the important gauge of the long-term trend, the more that it will feel the pull and reverse higher itself. From a technical perspective, it would be very difficult to hold a bearish bias while these levels of significance below are supporting the intermediate-term trend. Momentum indicators are once again showing early signs of rolling over, which could easily result in a shakeout move back to trendline support around 4000, a pullback that would align with the weaker period for the equity market through the back half of February.
Today, in our Market Outlook to subscribers, we discuss the following:
- Bond ETFs reacting positively to rising trendline support
- Wholesale Sales and Inventories
- Weekly Petroleum Status
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Sentiment on Wednesday, as gauged by the put-call ratio, ended bullish at 0.90.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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