Stock Market Outlook for October 9, 2024
Semiconductor stocks seeing renewed buying demand amidst the start of their optimal seasonal holding period.
*** 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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Franklin FTSE Europe ETF (AMEX:FLEE) Seasonal Chart
Smart Global Holdings, Inc. (NASD:SGH) Seasonal Chart
Plymouth Industrial REIT Inc. (AMEX:PLYM) Seasonal Chart
Tortoise Global Water ESG Fund (AMEX:EBLU) Seasonal Chart
Alcoa Corp. (NYSE:AA) Seasonal Chart
WisdomTree Europe Hedged SmallCap Equity Fund (AMEX:EUSC) Seasonal Chart
DMC Global Inc. (NASD:BOOM) Seasonal Chart
Hyatt Hotels Corp. (NYSE:H) Seasonal Chart
Vodafone Group Public Limited Company (NASD:VOD) Seasonal Chart
Patterson-UTI Energy, Inc. (NASD:PTEN) Seasonal Chart
Universal Corp. (NYSE:UVV) Seasonal Chart
The Markets
Stocks rebounded from Monday’s slump as technology stocks caught a bid, staring to reinvigorate buying demand in this segment of the market that struggled through the third quarter. The S&P 500 Index closed higher by nearly one percent, maintaining support at previous resistance of 5669, along with the 20-day moving average that is presently hovering around the same level. Waning upside momentum remains apparent as MACD has crossed back below its signal line, giving up on the positive slope that had been apparent over the past few weeks. A lack of excitement in stocks is still apparent with the benchmark above former resistance at 5650. Fortunately, levels of support below remain plentiful, including the aforementioned horizontal hurdle, as well as major moving averages that are all positively sloped, giving the market some comfort in this still uncertain backdrop, both seasonally and fundamentally. Seasonality still gives an edge to a cautious view of stocks in the near-term, particularly given the evidence of near-term upside exhaustion, and we are still looking towards a retracement lower to provide a reset before the normal end-of-year rally commences.
Today, in our Market Outlook to subscribers, we discuss the following:
- Semiconductor stocks
- Assets managers holding the second highest level of S&P 500 Futures contracts in the past two decades
- Credit spreads have fallen to a new multi-year low
- Gold-Copper ratio
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Sentiment on Tuesday, as gauged by the put-call ratio, ended slightly bullish at 0.92.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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