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Stock Market Outlook for April 29, 2020


Stocks reverse around levels of resistance as month-end rebalancing continues.

 

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:

Subscribers – Click on the relevant link to view the full profile. Not a subscriber? Signup here.

First Capital Realty Inc. (TSE:FCR.TO) Seasonal Chart

First Capital Realty Inc. (TSE:FCR.TO) Seasonal Chart

Waste Connections, Inc. (TSE:WCN.TO) Seasonal Chart

Waste Connections, Inc. (TSE:WCN.TO) Seasonal Chart

Nature's Sunshine Products, Inc. (NASD:NATR) Seasonal Chart

Nature’s Sunshine Products, Inc. (NASD:NATR) Seasonal Chart

TransCanada Corp. (NYSE:TRP) Seasonal Chart

TransCanada Corp. (NYSE:TRP) Seasonal Chart

BMO Long Federal Bond Index ETF (TSE:ZFL.TO) Seasonal Chart

BMO Long Federal Bond Index ETF (TSE:ZFL.TO) Seasonal Chart

 

 

The Markets

Stocks closed generally lower on Tuesday as investors continue to rebalance portfolios ahead of the end of the month.  The S&P 500 Index shed just over half of one percent, continuing to struggle below resistance at 2900.  Volume picked up a bit versus recent positive sessions, suggesting that traders are using the hurdle overhead to sell into.  The MACD histogram continues to decline, hinting of an imminent sell signal with respect to this momentum indicator.  The 200-day moving average overhead remains an important hurdle overhead as any rejection from this long-term average could lead to the break of the rising rebound trend from the March low.

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On the economic front, a report on home prices in the US was released before Tuesday’s opening bell.  The headline print of the S&P Corelogic Case-Shiller Home Price Index indicated that prices increased by 0.4% in February, inline with the consensus analyst estimate.  Stripping out the seasonal adjustments, home prices actually increased by 0.5% in this winter month, prior to the massive outbreak of the coronavirus throughout the country.  The average change for the second month of the year is a decline of 0.1%.  Strength in home prices through the first two months of the year was prevalent across the country with the exception of Boston, which saw prices decline, inline with seasonal norms.  With an economy that has become disconnected from seasonal norms through the month of March, it will be interesting to see if home prices, according to this report, do the same.  Seasonally, prices of homes tend to rise through the end of the third quarter.  Subscribers can login and view all of the charts from this report at the following link: https://charts.equityclock.com/sp-corelogic-case-shiller-home-price-index-city-breakdown

S&P/Case-Shiller 20-City Composite Home Price Index Seasonal Chart

Sentiment on Tuesday, as gauged by the put-call ratio, ended bearish at 1.05.

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Upcoming Presentation

The Money Show will be holding a Canadian Webinar series on May 7th, containing a lineup of well-known Canadian talent…and we’ll be there too.  The topic of our presentation is “Using Seasonality to Invest in an Abnormal Economic Environment.”  Attendance is free.  Click the banner below to reserve your spot now.

 

 

 

 

Seasonal charts of companies reporting earnings today:

Microsoft Corporation Seasonal Chart Facebook, Inc. Seasonal Chart Mastercard Incorporated Seasonal Chart Tesla, Inc. Seasonal Chart Astrazeneca PLC Seasonal Chart American Tower Corporation (REIT) Seasonal Chart QUALCOMM Incorporated Seasonal Chart Boeing Company (The) Seasonal Chart Vertex Pharmaceuticals Incorporated Seasonal Chart Crown Castle International Corporation Seasonal Chart Anthem, Inc. Seasonal Chart CME Group Inc. Seasonal Chart Coca Cola Femsa S.A.B. de C.V. Seasonal Chart Automatic Data Processing, Inc. Seasonal Chart ServiceNow, Inc. Seasonal Chart Northrop Grumman Corporation Seasonal Chart General Electric Company Seasonal Chart Boston Scientific Corporation Seasonal Chart Humana Inc. Seasonal Chart Sherwin-Williams Company (The) Seasonal Chart Norfolk Southern Corporation Seasonal Chart General Dynamics Corporation Seasonal Chart Enterprise Products Partners L.P. Seasonal Chart eBay Inc. Seasonal Chart Aflac Incorporated Seasonal Chart Yum! Brands, Inc. Seasonal Chart Valero Energy Corporation Seasonal Chart Archer-Daniels-Midland Company Seasonal Chart Barclays PLC Seasonal Chart BioMarin Pharmaceutical Inc. Seasonal Chart Laboratory Corporation of America Holdings Seasonal Chart CGI Inc. Seasonal Chart MarketAxess Holdings, Inc. Seasonal Chart Align Technology, Inc. Seasonal Chart Garmin Ltd. Seasonal Chart Teladoc Health, Inc. Seasonal Chart Hartford Financial Services Group, Inc. (The) Seasonal Chart Duke Realty Corporation Seasonal Chart Hologic, Inc. Seasonal Chart Rollins, Inc. Seasonal Chart Tyler Technologies, Inc. Seasonal Chart Masco Corporation Seasonal Chart Hasbro, Inc. Seasonal Chart Avery Dennison Corporation Seasonal Chart ASE Technology Holding Co., Ltd. Seasonal Chart

 

 

S&P 500 Index

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TSE Composite

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