Stock Market Outlook for April 13, 2023
Shelter prices continue to rise at a record setting pace, keeping core inflationary pressures elevated, despite the Fed’s best efforts to cool this cost of living.
*** 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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ABIOMED, Inc. (NASD:ABMD) Seasonal Chart
Golar LNG Ltd (NASD:GLNG) Seasonal Chart
Credit Acceptance Corp. (NASD:CACC) Seasonal Chart
SPDR S&P Health Care Services ETF (NYSE:XHS) Seasonal Chart
Technology Select Sector SPDR Fund (NYSE:XLK) Seasonal Chart
First Asset Tech Giants Covered Call ETF (TSE:TXF/B.TO) Seasonal Chart
The Markets
Stocks reversed course on Wednesday as investors debated over whether March’s report on consumer prices in the US was bullish or bearish for equity prices. The S&P 500 Index closed down by around four-tenths of one percent, continuing to show ongoing reaction to the range of resistance between 4100 and 4200. Momentum indicators are now rolling over with the MACD histogram increasingly retracing back to zero given that the technical indicator has been encroaching on its signal line in what could amount to an imminent sell signal. Should this recent peak in MACD become confirmed and a bearish crossover with the signal line be realized, it will resume a trend of lower-highs that has been apparent since August, emphasizing, quite obviously, the lack of momentum that exists in this market that threatens a downside correction in order to reinvigorate buying demand. The December low at 3764 remains the critical hurdle on the downside as a rollover below the February peak and a violation of the horizontal barrier below would fulfill the criteria of another bearish head-and-shoulders pattern, the implied downside target of which points to 3364, below the October low.
Today, in our Market Outlook to subscribers, we discuss the following:
- Consumer Discretionary sector exiting its period of seasonal strength
- US Consumer Price Index (CPI)
- The state of supply and demand in the energy market, the price target for Oil through its period of seasonal strength, and the stocks to take advantage
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Sentiment on Wednesday, as gauged by the put-call ratio, ended close to neutral at 0.97.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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