Stock Market Outlook for September 25, 2024
Emerging strength in emerging markets.
*** 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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Kronos Worldwide Inc. (NYSE:KRO) Seasonal Chart
Cars.com Inc. (NYSE:CARS) Seasonal Chart
Adams Resources & Energy, Inc. (AMEX:AE) Seasonal Chart
Calix Networks Inc. (NYSE:CALX) Seasonal Chart
CIGNA Corp. (NYSE:CI) Seasonal Chart
XPO Logistics, Inc. (NYSE:XPO) Seasonal Chart
H&E Equipment Services Inc. (NASD:HEES) Seasonal Chart
Capitol Federal Financial (NASD:CFFN) Seasonal Chart
Albany Intl Corp. (NYSE:AIN) Seasonal Chart
Granite Construction Inc. (NYSE:GVA) Seasonal Chart
Gentex Corp. (NASD:GNTX) Seasonal Chart
Rockwell Automation (NYSE:ROK) Seasonal Chart
FedEx Corp. (NYSE:FDX) Seasonal Chart
The Markets
Stocks continued to edge higher into the end of the month, remaining mitigated from the weakness that is notorious from a seasonal standpoint around this time of year. The S&P 500 Index ended with a gain of a quarter of one percent, remaining above horizontal resistance that was broken last Thursday at 5650. Support remains well defined at the 100-day moving average (5448). With the breakout above resistance, the technicals suggest the continuation of the near-term direction of travel, which is higher, despite being within this weak time of year for equity market performance at the end of the third quarter. Seasonality has us locked into this cautious view of stocks through the remaining days of September, but the strength that the market has been revealing certainly diminishes the threat of an intermediate-term topping pattern that was apparent previous. The groups denoted as Accumulate candidates in our weekly chart books continue to work very well and we will scrutinize our list of Avoid candidates carefully once we get beyond this normally weak period on the calendar that corresponds with end of quarter mean reversion.
Today, in our Market Outlook to subscribers, we discuss the following:
- The jump in Chinese equities and our stance on stocks in this market
- Commodity prices on the move following news of China stimulus
- Commodity currencies on the rise
- The trend of influenza-like illnesses as we enter into the fall season
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Sentiment on Tuesday, 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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