Stock Market Outlook for March 6, 2023
Real Time Economic Calendar provided by Investing.com.
*** 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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Federal Signal Corp. (NYSE:FSS) Seasonal Chart
iShares Global Healthcare Index ETF (CAD-Hedged) (TSE:XHC.TO) Seasonal Chart
Invesco S&P SmallCap Consumer Staples ETF (NASD:PSCC) Seasonal Chart
Zymeworks Inc. (NYSE:ZYME) Seasonal Chart
Citigroup, Inc. (NYSE:C) Seasonal Chart
Pennsylvania REIT (NYSE:PEI) Seasonal Chart
John Wiley & Sons, Inc. (NYSE:WLY) Seasonal Chart
RPM Intl, Inc. (NYSE:RPM) Seasonal Chart
Owens Corning Inc. (NYSE:OC) Seasonal Chart
First Trust NASDAQ Cybersecurity ETF (NASD:CIBR) Seasonal Chart
MongoDB, Inc. (NASD:MDB) Seasonal Chart
The Markets
Stocks posted strong gains in the Friday session as major benchmarks bounced from levels of significant support. The S&P 500 Index followed through with Thursday’s outside reversal session to close higher by 1.61%, continuing to draw in buyers following the test of the 200-day moving average in the previous session. The benchmark has moved beyond the still rising 50-day moving average, reconfirming the intermediate rising path of higher-highs and higher-lows that has been intact since the lows charted in October. The next major test is the still declining 20-day moving average around 4060, but this is minor when taking into context that the intermediate and long-term moving averages at the 50 and 200-day are in positions to backstop this market. Momentum indicators are showing early signs of curling higher above the lows charted in December, continuing to present a rather neutral look to the benchmark that for the past five months has held predominantly within the six week span charted between the middle of August and the end of September in the range of 3600 to 4325. This is the span that we expect the benchmark to remain, even through the period of strength for stocks ahead, but this does not prevent us from looking to take on greater risk in the portfolio for the spring seasonal ramp in equity prices ahead. More on that below.
Sentiment on Friday, as gauged by the put-call ratio, ended bullish at 0.91.Today, in our Market Outlook to subscribers, we discuss the following:
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- Bounce from support for the Dow Jones Industrial Average and the NASDAQ 100 (QQQ)
- Weekly look at the large-cap benchmark
- A look at coincident indicators of the economy to gauge near-term risks
- The collapse of bullish sentiment over the past month
- The change we are making in the Super Simple Seasonal Portfolio based on the seasonal, technical, fundamental, and sentiment backdrop
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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