Stock Market Outlook for December 17, 2024
A short-term oversold reading is providing an enticing signal to buy/add to equity exposure for the still ongoing rising intermediate-term trend of prices.
*** 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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ProShares Ultra Bloomberg Crude Oil (NYSE:UCO) Seasonal Chart
Max Resource Corp. (TSXV:MAX.V) Seasonal Chart
Zentek Ltd. (NASD:ZTEK) Seasonal Chart
Petroleo Brasileiro SA (NYSE:PBR/A) Seasonal Chart
Texas Instruments, Inc. (NASD:TXN) Seasonal Chart
Oncolytics Biotech, Inc. (TSE:ONC.TO) Seasonal Chart
5N Plus Inc. (TSE:VNP.TO) Seasonal Chart
Wallbridge Mining Co. Ltd. (TSE:WM.TO) Seasonal Chart
Arbor Realty Trust Inc. (NYSE:ABR) Seasonal Chart
Tenet Healthcare Corp. (NYSE:THC) Seasonal Chart
Post Holdings, Inc. (NYSE:POST) Seasonal Chart
Enova International, Inc. (NYSE:ENVA) Seasonal Chart
The Markets
Stocks edged higher on Monday as growth segments of the market continued to attract demand ahead of the close of the year. The S&P 500 Index ended higher by nearly four-tenths of one percent, holding just below the recent high charted around 6100. Support at the 20-day moving average (6019) continues to underpin this market, keeping the market positioned to buy upon each test. A short-term double-bottom low at 6035 is forming the basis of a near-term trading range with the cap to the sideways span coming in at the aforementioned hurdle of 6100. A violation of this range would suggest a move of the same magnitude of the prevailing 65-point span (eg. 6165 to the upside, 5970 on the downside). The positive tendencies for the market over the next few weeks give the bias towards an upside resolution. 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.
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.
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- Cryptocurrencies
- Commodities
- Major Benchmarks
- Sub-sectors / Industries
- ETFs: Bonds | Commodities | Equity Markets | Industries | Sectors
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Today, in our Market Outlook to subscribers, we discuss the following:
- Our weekly chart books update, along with our list of all segments of the market to either Accumulate or Avoid
- Other Notes
- Monitoring the headwind that could be derived from the US Dollar at the start of the new year
- Ratio of Growth over Value back to record height that was charted in July
- NYSE New Highs minus New Lows signalling a short-term oversold condition within a bull market trend
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for December 17
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Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.84.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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