Stock Market Outlook for October 22, 2024
The market is increasingly pricing in a Trump win.
*** 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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PACCAR, Inc. (NASD:PCAR) Seasonal Chart
Pfizer, Inc. (NYSE:PFE) Seasonal Chart
Bio-Rad Laboratories, Inc. (NYSE:BIO) Seasonal Chart
Old Dominion Freight Line, Inc. (NASD:ODFL) Seasonal Chart
Eagle Bancorp, Inc. (NASD:EGBN) Seasonal Chart
The Markets
Stocks slipped slightly on Monday as an uptick in yields and appreciation of the US dollar placed pressure on equity prices. The S&P 500 Index closed down by nearly two-tenths of one percent, remaining stuck below short-term resistance at 5870. Support continues to be pinned at previous resistance of 5669, along with the 20-day moving average that is hovering around 5774. Despite evidence of waning upside momentum as we move past the period of seasonal volatility for stocks, this market is showing greater evidence of support than resistance, a characteristic of a bullish trend. We continue to like the groups that are on our growing list of Accumulate candidates, but there are certainly segments of the market to Avoid. The ability of the market, as a whole, to overcome the period of seasonal weakness for stocks rather unscathed is certainly telling of the relentless demand that has supported the benchmark, despite the fact that the risk-reward, broadly, is not very attractive. The start of the best six months of the year for stocks is slated to begin next week and there is a need from a seasonal perspective to ramp up risk exposure at some point.
Today, in our Market Outlook to subscribers, we discuss the following:
- The short-term pullback in the bond market within a rising intermediate-term trend
- Our weekly chart books update, along with our list of all market segments to Accumulate or to Avoid
- Other Notes
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Want to know which areas of the market to buy or sell? Our Weekly Chart Books have just been updated, providing a clear Accumulate, Avoid, or Neutral rating for currencies, cryptocurrencies, commodities, broad markets, and subsectors/industries of the market. Subscribers can login and click on the relevant links to access.
- Currencies
- Cryptocurrencies
- Commodities
- Major Benchmarks
- Sub-sectors / Industries
- ETFs: Bonds | Commodities | Equity Markets | Industries | Sectors
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Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.86.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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