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Stock Market Outlook for April 23, 2020


Stocks rebounded on Wednesday as energy bears became skittish amidst a glimmer of hope for oil prices ahead.

 

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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Medtronic, Inc. (NYSE:MDT) Seasonal Chart

Medtronic, Inc. (NYSE:MDT) Seasonal Chart

Atmos Energy Corp. (NYSE:ATO) Seasonal Chart

Atmos Energy Corp. (NYSE:ATO) Seasonal Chart

Techne Corp. (NASD:TECH) Seasonal Chart

Techne Corp. (NASD:TECH) Seasonal Chart

OceanFirst Financial Corp. (NASD:OCFC) Seasonal Chart

OceanFirst Financial Corp. (NASD:OCFC) Seasonal Chart

Bridge Bancorp Inc. (NASD:BDGE) Seasonal Chart

Bridge Bancorp Inc. (NASD:BDGE) Seasonal Chart

TransAlta Corp. (NYSE:TAC) Seasonal Chart

TransAlta Corp. (NYSE:TAC) Seasonal Chart

First Trust Utilities AlphaDEX Fund (NYSE:FXU) Seasonal Chart

First Trust Utilities AlphaDEX Fund (NYSE:FXU) Seasonal Chart

 

 

The Markets

Stocks rebounded on Wednesday as the price of oil traded higher, “fuelling” the stocks in the beleaguered energy sector.  The S&P 500 Index climbed higher by 2.29%, moving into the gap that we have been highlighting in recent days between 2800 and 2830.  Struggle around the declining 50-day moving average remains apparent on the chart.  Daily momentum indicators continue to show signs of rolling over, hinting that sell triggers may be imminent.  The S&P 500 Index has been on a buy signal according to MACD since March 26th.  The large-cap benchmark continues to battle with massive overhead supply portrayed by the trading range between 2700 and 3000 that the index has spent the majority of time trading within over the past couple of years.  This remains a logical point for the benchmark to, at least, pause following a valiant rebound attempt.  In our market outlook to subscribers, we breakdown some of the positive revelations pertaining to the energy sector that have the bears skittish.  Subscribe now and we’ll send you this insight.

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On the economic front, Statscan released consumer inflation data for the month of March.  The Consumer Price Index in Canada declined by 0.6% last month, which is a miss versus the consensus analyst estimate that called for a decline of 0.4%.  The year-over-year change is now down to +0.9%, off from the +2.2% annual change that was seen in February.  As with everything else in the economy, the trend of CPI has become dislocated from seasonal norms.  The average change for the price index in the month of March is an increase of 0.5%, supported by everything from transportation prices to the increase in the price of shelter.  These are the areas that were notably hit in the month as the economy was forced to shut down in an effort to combat the spread of the coronavirus.  Even the often stable category of electricity prices saw a decline as the government sought to give Canadians a break on their tiered pricing system amidst more people forced to self-isolate at home.  Seasonally, consumer prices tend to see their steepest gains of the year through the spring as economic activity ramps up following the winter slowdown.  With economic activity crippled, it remains unclear when or if this typical spring ramp will occur.  Subscribers can login to the chart database to explore the seasonal charts for this report at https://charts.equityclock.com/canada-consumer-price-index-cpi

http://charts.equityclock.com/seasonal_charts/economic_data/v41690973_seasonal_chart.PNG

Sentiment on Wednesday, as gauged by the put-call, ended slightly bullish at 0.91.

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Seasonal charts of companies reporting earnings today:

Intel Corporation Seasonal Chart Eli Lilly and Company Seasonal Chart Union Pacific Corporation Seasonal Chart The Blackstone Group Inc. Seasonal Chart Air Products and Chemicals, Inc. Seasonal Chart Edwards Lifesciences Corporation Seasonal Chart Capital One Financial Corporation Seasonal Chart VeriSign, Inc. Seasonal Chart FirstEnergy Corp. Seasonal Chart Hershey Company (The) Seasonal Chart Citrix Systems, Inc. Seasonal Chart Old Dominion Freight Line, Inc. Seasonal Chart W.W. Grainger, Inc. Seasonal Chart Domino's Pizza Inc Seasonal Chart West Pharmaceutical Services, Inc. Seasonal Chart IDEX Corporation Seasonal Chart Tractor Supply Company Seasonal Chart SVB Financial Group Seasonal Chart Allegion plc Seasonal Chart E*TRADE Financial Corporation Seasonal Chart Huntington Bancshares Incorporated Seasonal Chart Pool Corporation Seasonal Chart SEI Investments Company Seasonal Chart Mellanox Technologies, Ltd. Seasonal Chart PulteGroup, Inc. Seasonal Chart Watsco, Inc. Seasonal Chart Reliance Steel & Aluminum Co. Seasonal Chart People's United Financial, Inc. Seasonal Chart Old Republic International Corporation Seasonal Chart Signature Bank Seasonal Chart Robert Half International Inc. Seasonal Chart First American Corporation (The) Seasonal Chart Invesco Plc Seasonal Chart East West Bancorp, Inc. Seasonal Chart Skechers U.S.A., Inc. Seasonal Chart FirstService Corporation Seasonal Chart

 

 

S&P 500 Index

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TSE Composite

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