Stock Market Outlook for December 16, 2024
The percent of stocks trading above 20-day moving averages has fallen to near oversold territory, providing an appealing setup to buy into beaten down market segments for the Santa Claus Rally period ahead.
*** 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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Darden Restaurants, Inc. (NYSE:DRI) Seasonal Chart
Suncor Energy, Inc. (TSE:SU.TO) Seasonal Chart
iShares S&P/TSX 60 Index ETF (TSE:XIU.TO) Seasonal Chart
Black Diamond Group Ltd. (TSE:BDI.TO) Seasonal Chart
Lundin Mining Corp. (TSE:LUN.TO) Seasonal Chart
Cooper Cos. Inc. (NYSE:COO) Seasonal Chart
Global Payments, Inc. (NYSE:GPN) Seasonal Chart
Paramount Resources Ltd. (TSE:POU.TO) Seasonal Chart
Touchstone Exploration, Inc. (TSE:TXP.TO) Seasonal Chart
Timken Co. (NYSE:TKR) Seasonal Chart
AllianceBernstein Holding LP (NYSE:AB) Seasonal Chart
Royal Bank Of Canada (NYSE:RY) Seasonal Chart
Toronto Dominion Bank (NYSE:TD) Seasonal Chart
SSR Mining Inc. (NASD:SSRM) Seasonal Chart
Imperial Oil Ltd. (AMEX:IMO) Seasonal Chart
New Flyer Industries Inc. (TSE:NFI.TO) Seasonal Chart
Diamondback Energy, Inc. (NASD:FANG) Seasonal Chart
Jacobs Engineering Group Inc. (NYSE:J) Seasonal Chart
Osisko Gold Royalties Ltd. (NYSE:OR) Seasonal Chart
iShares S&P/TSX Small Cap Index ETF (TSE:XCS.TO) Seasonal Chart
iShares S&P/TSX Global Gold Index ETF (TSE:XGD.TO) Seasonal Chart
iShares S&P/TSX Capped Materials Index ETF (TSE:XMA.TO) Seasonal Chart
VanEck Vectors Gold Miners ETF (NYSE:GDX) Seasonal Chart
Vanguard S&P Mid-Cap 400 Growth ETF (NYSE:IVOG) Seasonal Chart
Global X Silver Miners ETF (NYSE:SIL) Seasonal Chart
Tencent Music Entertainment Group (NYSE:TME) Seasonal Chart
Canadian Natural Resources (NYSE:CNQ) Seasonal Chart
Cheniere Energy, Inc. (AMEX:LNG) Seasonal Chart
Landstar System, Inc. (NASD:LSTR) Seasonal Chart
The Markets
Stocks hovered around the flat-line on Friday, showing no meaningful movement as portfolio managers continue to enact their end-of-year portfolio transactions before the distractions surrounding the holidays begin. The S&P 500 Index was unchanged (0.0%), holding just below the recent high charted around 6100. Support at the 20-day moving average (6008) continues to underpin this market, keeping the market positioned to buy upon each test. The short-term upside gap that was opened on Wednesday between 6045 and 6060 continues to be tested as a point of support. On a intermediate-term basis, 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:
- Weekly look at the large-cap benchmark
- Entering into the strongest half of December, as well as the Santa Claus Rally period
- Stocks near oversold heading into the upbeat period ahead for performance
- Sentiment indicators not yet at frothy levels to provide reason for concern
- Normalization of the treasury yield curve at the short end
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for December 16
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Sentiment on Friday, as gauged by the put-call ratio, ended bullish at 0.85.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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