Stock Market Outlook for September 20, 2023
Canadian consumer prices are re-flaring and it is not just the abnormal rise of gasoline prices for this time of year that is driving the gain.
*** 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:
Subscribers Click on the relevant link to view the full profile. Not a subscriber? Signup here.
Sierra Metals Inc.. (TSE:SMT.TO) Seasonal Chart
Wilton Resources Inc. (TSXV:WIL.V) Seasonal Chart
The Markets
Stocks closed lower on Tuesday as investors reacted to a hotter than expected read of inflation in Canada and brace for the FOMC announcement on Wednesday. The S&P 500 Index ended the day down by just over two-tenths of one percent, closing marginally below short-term support at its 20-day moving average. The revelation of a lower-high below the 52-week high charted in July is becoming increasingly apparent, confirming the shift of the short to intermediate-term path that had supported a trend of higher prices since October of last year. Momentum indicators are rolling over around their middle lines with MACD back on a sell signal, showing a similar declining trend as that of price. Levels down to the June breakout point at 4200 remain fair game as part of this normal period of weakness/volatility in the market.
Today, in our Market Outlook to subscribers, we discuss the following:
- US Housing Starts and the stocks of the home builders
- Canada Consumer Price Index (CPI)
- Canadian Dollar
- Canadian Stocks (TSX Composite)
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for September 20
Not signed up yet? Subscribe now to receive full access to all of the research and analysis that we publish.
Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.88.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
| Sponsored By... |
|
