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Stock Market Outlook for May 3, 2019


Negative momentum divergence on the S&P 500 Index suggests waning buying pressures.

 

Real Time Economic Calendar provided by Investing.com.

 

*** 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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Unitedhealth Group, Inc. (NYSE:UNH) Seasonal Chart

Unitedhealth Group, Inc. (NYSE:UNH) Seasonal Chart

IF Bancorp, Inc. (NASD:IROQ) Seasonal Chart

IF Bancorp, Inc. (NASD:IROQ) Seasonal Chart

Cambrex Corp. (NYSE:CBM) Seasonal Chart

Cambrex Corp. (NYSE:CBM) Seasonal Chart

Genesis Energy L P (NYSE:GEL) Seasonal Chart

Genesis Energy L P (NYSE:GEL) Seasonal Chart

Vertex Pharmaceuticals Inc. (NASD:VRTX) Seasonal Chart

Vertex Pharmaceuticals Inc. (NASD:VRTX) Seasonal Chart

UMH Properties, Inc. (NYSE:UMH) Seasonal Chart

UMH Properties, Inc. (NYSE:UMH) Seasonal Chart

Golar LNG Ltd (NASD:GLNG) Seasonal Chart

Golar LNG Ltd (NASD:GLNG) Seasonal Chart

Herbalife Nutrition Ltd. (NYSE:HLF) Seasonal Chart

Herbalife Nutrition Ltd. (NYSE:HLF) Seasonal Chart

CHS Inc. (NASD:CHSCP) Seasonal Chart

CHS Inc. (NASD:CHSCP) Seasonal Chart

First Majestic Silver Corp. (NYSE:AG) Seasonal Chart

First Majestic Silver Corp. (NYSE:AG) Seasonal Chart

 

 

The Markets

Stocks continued to sell off on Thursday as investors digested comments from Fed Chair Powell during the previous session.  The S&P 500 Index shed just over two-tenths of one percent, intersecting with its rising 20-day moving average at the lows of the session.  Momentum indicators on the large-cap benchmark are rolling over, triggering sell signals, and a negative momentum divergence with respect to MACD provides indication of waning buying demand. Gap support around 2850 provides a logical retracement point.  The benchmark has come a long way since the December lows and some consolidation appears inevitable.

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On Friday, the non-farm payroll report for April will be released and analysts are expecting the addition of 180,000 payrolls to be revealed.  This is actually less than the 275,000 payrolls that ADP indicated were added in the month.  The average increase in payrolls for the fourth month of the year is 0.7%, which would imply the actual addition of 1.049 million.  We’ll have a complete breakdown of the results in a report that will go out to subscribers during Friday’s session.  Subscribe now to be included on this distribution.

Total Nonfarm Seasonal Chart

Sentiment on Thursday, as gauged by the put-call ratio, ended bullish at 0.93.

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Seasonal charts of companies reporting earnings today:

American Axle & Manufacturing Holdings, Inc. (AXL) Seasonal Chart American Tower Corporation (REIT) (AMT) Seasonal Chart Brookfield Infrastructure Partners LP (BIP) Seasonal Chart Cboe Global Markets, Inc. (CBOE) Seasonal Chart DENTSPLY SIRONA Inc. (XRAY) Seasonal Chart DISH Network Corporation (DISH) Seasonal Chart Dominion Energy, Inc. (D) Seasonal Chart HSBC Holdings plc (HSBC) Seasonal Chart ITT Inc. (ITT) Seasonal Chart Newell Brands Inc. (NWL) Seasonal Chart Noble Energy Inc. (NBL) Seasonal Chart TransCanada Corporation (TRP) Seasonal Chart

 

 

S&P 500 Index

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TSE Composite

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