Stock Market Outlook for October 4, 2024
The fundamentals behind the seasonal trade in Natural Gas continue to evolve favourably, warranting the ongoing accumulation of exposure to the commodity.
*** 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 S&P/TSX Global Base Metals Index ETF (TSE:XBM.TO) Seasonal Chart
First Trust NASDAQ Global Auto Index Fund (NASD:CARZ) Seasonal Chart
iShares China Large-Cap ETF (NYSE:FXI) Seasonal Chart
iShares China Index ETF (TSE:XCH.TO) Seasonal Chart
Sprott Physical Uranium Trust (TSE:U/UN.TO) Seasonal Chart
Cathedral Energy Services Ltd. (TSE:CET.TO) Seasonal Chart
Freeport-McMoRan, Inc. (NYSE:FCX) Seasonal Chart
Newmont Corporation (NYSE:NEM) Seasonal Chart
First Quantum Minerals Ltd. (TSE:FM.TO) Seasonal Chart
Southern Copper Corp. (NYSE:SCCO) Seasonal Chart
Chorus Aviation, Inc. (TSE:CHR.TO) Seasonal Chart
ANSYS, Inc. (NASD:ANSS) Seasonal Chart
Danaher Corp. (NYSE:DHR) Seasonal Chart
Champion Iron Ltd. (TSE:CIA.TO) Seasonal Chart
Trinity Industries Inc. (NYSE:TRN) Seasonal Chart
ArcelorMittal SA (NYSE:MT) Seasonal Chart
The Markets
Stocks dipped slightly on Thursday as investors continue monitor the developments in the middle east and position ahead of the release of the monthly payroll report on Friday. The S&P 500 Index closed lower by nearly two-tenths of one percent, continuing to show signs of rolling over from the short-term rising trend that benefited performance over the past month. Waning upside momentum remains apparent as MACD crosses back below its signal line and RSI is moves back towards its middle line, both giving up on their positive slopes that had 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:
- Weekly Jobless Claims and the health of the labor market
- A preview of what to expect of September’s Nonfarm Payroll report
- The bounce of the US Dollar Index from significant horizontal support
- The seasonal trade in Natural Gas and the fundamentals behind the trade
- US Factory Orders and what stands out in the report
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for October 4
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Sentiment on Thursday, as gauged by the put-call ratio, ended bullish at 0.87.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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