Stock Market Outlook for October 3, 2024
Sell Rosh Hashanah and Buy Yom Kippur.
*** 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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iShares U.S. Financial Services ETF (NYSE:IYG) Seasonal Chart
SPDR S&P Capital Markets ETF (NYSE:KCE) Seasonal Chart
Invesco Dynamic Energy Exploration & Production ETF (NYSE:PXE) Seasonal Chart
Piper Sandler Companies (NYSE:PIPR) Seasonal Chart
Global X MSCI Greece ETF (AMEX:GREK) Seasonal Chart
Bragg Gaming Group Inc. (NASD:BRAG) Seasonal Chart
Cushman & Wakefield plc (NYSE:CWK) Seasonal Chart
MGP Ingredients, Inc. (NASD:MGPI) Seasonal Chart
Halliburton Co. (NYSE:HAL) Seasonal Chart
Fission Uranium Corp. (TSE:FCU.TO) Seasonal Chart
Ingredion Inc. (NYSE:INGR) Seasonal Chart
Ceva Inc. (NASD:CEVA) Seasonal Chart
Bunge Global SA (NYSE:BG) Seasonal Chart
PDF Solutions, Inc. (NASD:PDFS) Seasonal Chart
SunCoke Energy Inc. (NYSE:SXC) Seasonal Chart
CNH Industrial NV (NYSE:CNHI) Seasonal Chart
iShares MSCI Germany ETF (NYSE:EWG) Seasonal Chart
The Markets
Stocks held around the flatline on Wednesday as investors monitor developments pertaining to the port strike in the US, along with the escalation of tensions in the middle east. The S&P 500 Index closed essentially unchanged (+0.01%), sitting just slightly below the record closing high level charted earlier in the week. A rollover of the short-term trend has become apparent amidst the waning of near-term upside momentum; MACD can be seen converging back on its signal line and RSI is moving back towards its middle line, both giving up on their positive slopes that has been apparent over the past few weeks. A lack of excitement in stocks is apparent with the benchmark above former resistance at 5650. Fortunately, the levels of support below remain plentiful, including the aforementioned horizontal hurdle, as well as major moving averages that are all positively sloped as we head towards the best six month of the year timeframe that gets underway at month-end. Seasonality still gives an edge to a cautious view of stocks in the near-term, particularly given the evidence of near-term upside exhaustion, but a retracement lower would be viewed as an ideal reset before the normal end-of-year rally commences.
Today, in our Market Outlook to subscribers, we discuss the following:
- Ongoing strength in Chinese equities
- Buy Rosh Hashanah and Sell Yom Kippur
- The approaching optimal holding period for Small Caps
- US Vehicle Sales
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for October 3
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Sentiment on Wednesday, as gauged by the put-call ratio, ended neutral at 1.00.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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