Stock Market Outlook for November 29, 2024
Despite the jump in equity prices over the past month, signs of complacency in the market remain absent.
*** 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 Silver Trust (NYSE:SLV) Seasonal Chart
Invesco S&P International Developed Momentum ETF (AMEX:IDMO) Seasonal Chart
Cornish Metals Inc. (TSXV:CUSN.V) Seasonal Chart
Frequency Electronics, Inc. (NASD:FEIM) Seasonal Chart
Fury Gold Mines Ltd. (AMEX:FURY) Seasonal Chart
PureFunds ISE Junior Silver ETF (AMEX:SILJ) Seasonal Chart
B2Gold Corp. (NYSE:BTG) Seasonal Chart
Western Copper Corp. (AMEX:WRN) Seasonal Chart
Pan American Silver Corp. (NYSE:PAAS) Seasonal Chart
First Majestic Silver Corp. (NYSE:AG) Seasonal Chart
McEwen Mining Inc. (TSE:MUX.TO) Seasonal Chart
Global X Copper Miners ETF (NYSE:COPX) Seasonal Chart
Invesco Active U.S. Real Estate ETF (NYSE:PSR) Seasonal Chart
BMO Mid Provincial Bond Index ETF (TSE:ZMP.TO) Seasonal Chart
Americas Gold and Silver Corp. (AMEX:USAS) Seasonal Chart
Goodfellow, Inc. (TSE:GDL.TO) Seasonal Chart
Federated Hermes, Inc. (NYSE:FHI) Seasonal Chart
Secure Energy Services Inc. (TSE:SES.TO) Seasonal Chart
St Joe Corp. (NYSE:JOE) Seasonal Chart
American Woodmark Corp. (NASD:AMWD) Seasonal Chart
iShares MSCI Emerging Markets ETF (NYSE:EEM) Seasonal Chart
Precision Drilling Corp. (NYSE:PDS) Seasonal Chart
Manulife Financial Corp. (TSE:MFC.TO) Seasonal Chart
Stryker Corp. (NYSE:SYK) Seasonal Chart
Patterson Dental Co. (NASD:PDCO) Seasonal Chart
Invesco DB Base Metals Fund (NYSE:DBB) Seasonal Chart
Applied Materials, Inc. (NASD:AMAT) Seasonal Chart
Energy Transfer LP (NYSE:ET) Seasonal Chart
Note: With the US market closure on Thursday as a result of the Thanksgiving holiday, our next daily Market Outlook report will be released on Saturday morning, while our extensive Monthly Outlook for December is slated to be released on Friday. Happy Thanksgiving to our American audience.
The Markets
Stocks slipped slightly on Wednesday, giving back some of the gain that was recorded in the prior session, as investors looked to square away positions ahead of the Thanksgiving holiday and ahead of the close of the month. The S&P 500 Index ended the session down by just less than four-tenths of one percent, continuing to hold above support at the 20-day moving average (5913). Price continues to hold above previous short-term declining trendline resistance that was formed by connecting the peaks since November 11th, but some indecision set into the market in the last few hours of trade as investors refrain from making any significant directional bets ahead of the holiday. On a intermediate-term scale, there remains greater evidence of support than resistance, presenting the desired backdrop for strength that is normally realized in the market at year-end. Major moving averages are all pointed higher and momentum indicators continue to gyrate above their middle lines, providing characteristics of a bullish trend. Our list of candidates in the market to Accumulate and to Avoid remains well positioned to benefit from the strength that is filtering into the market at this seasonally strong time of year, but we will scrutinize whether any changes are required as the price action evolves.
Today, in our Market Outlook to subscribers, we discuss the following:
- The rise in Margin Debt in trading accounts through the end of October
- The change in credit balances, often indicative of short positions
- Investor sentiment
- Weekly Jobless Claims and the start of the layoff of election workers
- Seasonal trade in Natural gas now that the withdrawal period is underway
- US Durable Goods Orders and the investment implications within
- Semiconductor ETF carving out a head-and-shoulders pattern
- Materials sector and precious metal stocks
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for November 29
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Sentiment on Wednesday, 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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