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Stock Market Outlook for April 30, 2020


S&P 500 Index above 2900; next stop the 200-day moving average around 3000.

 

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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CenturyLink, Inc. (NYSE:CTL) Seasonal Chart

CenturyLink, Inc. (NYSE:CTL) Seasonal Chart

Colliers International Group Inc. (TSE:CIGI.TO) Seasonal Chart

Colliers International Group Inc. (TSE:CIGI.TO) Seasonal Chart

Regional Management Corp. (NYSE:RM) Seasonal Chart

Regional Management Corp. (NYSE:RM) Seasonal Chart

Vanguard S&P 500 Growth ETF (NYSE:VOOG) Seasonal Chart

Vanguard S&P 500 Growth ETF (NYSE:VOOG) Seasonal Chart

 

 

The Markets

Stocks surged on Wednesday as investors reacted to positive trial data from Gilead’s Remdesivir, a treatment for COVID-19.  The S&P 500 Index gained 2.66%, breaking firmly above the previous short-term trading range that spanned between 2720 and 2880.  The move above the 160-point range suggests a theoretical upside target of 3040, which, if achieved, would see the benchmark intersect with its declining 200-day moving average.  This is a critical level for the long-term trend of this equity benchmark that we have been keeping an eye on for some time and it could define whether the equity market is in store for a V-shaped rebound or something more gradual.  Previous levels of resistance around 2880 are now in a position of support, which could keep the bears at bay while the benchmark holds above this hurdle. Looking for more technical insight?  Our subscribers receive a daily market outlook delivered directly to their inbox, featuring important market trends and things to look out for in the days ahead.  Subscribe now.

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On schedule for this time of week, the Energy Information Administration (EIA) released its tally of petroleum inventories in the US.  The EIA indicated that oil inventories increased by 9.0 million barrels last week, which is less than the 10.6 million barrel build that was expected by analysts. Gasoline stockpiles, meanwhile, declined for the first time since the middle of March, falling by 3.7 million barrels. The result saw the days of supply of oil rise by 2.3 to 41.0, while gasoline days of supply rose by 1.1 to 48.7. Both statistics represent new all-time record highs. The average days of supply for each at this time of year is 23.6 and 24.7, respectively.  We sent out further analysis to subscribers intraday.  Subscribe now to obtain this timely insight that provides indication as to how the economy is functioning from a real-time perspective.

Weekly U.S. Days of Supply of Crude Oil excluding SPR  (Number of Days) Seasonal Chart

Sentiment on Wednesday, as gauged by the put-call ratio, ended bearish at 1.02.

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Seasonal charts of companies reporting earnings today:

Apple Inc. Seasonal Chart Amazon.com, Inc. Seasonal Chart Visa Inc. Seasonal Chart Comcast Corporation Seasonal Chart Royal Dutch Shell PLC Seasonal Chart Amgen Inc. Seasonal Chart McDonald's Corporation Seasonal Chart Fomento Economico Mexicano S.A.B. de C.V. Seasonal Chart Gilead Sciences, Inc. Seasonal Chart Altria Group Seasonal Chart Cigna Corporation Seasonal Chart Stryker Corporation Seasonal Chart Southern Company (The) Seasonal Chart Intercontinental Exchange Inc. Seasonal Chart Moody's Corporation Seasonal Chart Marsh & McLennan Companies, Inc. Seasonal Chart Baxter International Inc. Seasonal Chart Illumina, Inc. Seasonal Chart ConocoPhillips Seasonal Chart The Kraft Heinz Company Seasonal Chart Atlassian Corporation Plc Seasonal Chart Eaton Corporation, PLC Seasonal Chart Public Storage Seasonal Chart Banco Bradesco Sa Seasonal Chart Chunghwa Telecom Co., Ltd. Seasonal Chart Seattle Genetics, Inc. Seasonal Chart ResMed Inc. Seasonal Chart Twitter, Inc. Seasonal Chart Edison International Seasonal Chart Kellogg Company Seasonal Chart IDEXX Laboratories, Inc. Seasonal Chart Willis Towers Watson Public Limited Company Seasonal Chart Nokia Corporation Seasonal Chart Parker-Hannifin Corporation Seasonal Chart Stanley Black & Decker, Inc. Seasonal Chart Church & Dwight Company, Inc. Seasonal Chart Teleflex Incorporated Seasonal Chart Agnico Eagle Mines Limited Seasonal Chart Arthur J. Gallagher & Co. Seasonal Chart International Paper Company Seasonal Chart SS&C Technologies Holdings, Inc. Seasonal Chart Western Digital Corporation Seasonal Chart Cheniere Energy, Inc. Seasonal Chart Concho Resources Inc. Seasonal Chart Molina Healthcare Inc Seasonal Chart

 

 

S&P 500 Index

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TSE Composite

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