Equity Clock

Stock Market Outlook for October 13, 2020

Canadian Dollar Index pushing towards major resistance at 77 following a much stronger than expected employment report for September.

 

 

 

*** 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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Biogen Inc. (NASD:BIIB) Seasonal Chart

ManpowerGroup (NYSE:MAN) Seasonal Chart

Axon Enterprise, Inc. (NASD:AAXN) Seasonal Chart

Icici Bank Ltd. (NYSE:IBN) Seasonal Chart

Seagate Technology Holdings, Inc. (NASD:STX) Seasonal Chart

Domtar Corp. (NYSE:UFS) Seasonal Chart

Varian Medical Systems In (NYSE:VAR) Seasonal Chart

T. Rowe Price Associates, Inc. (NASD:TROW) Seasonal Chart

UEX Corp. (TSE:UEX.TO) Seasonal Chart

Nordson Corp. (NASD:NDSN) Seasonal Chart

Direxion Daily Semiconductor Bull 3x Shares (NYSE:SOXL) Seasonal Chart

 

 

The Markets

**Editors note: Reports will be lighter than normal over the next few days as we observe Canadian Thanksgiving. Regular reports will resume on Tuesday.  For more insight and analysis, subscribe to our service to be placed on our distribution list.**

Stocks continued to attract buying demand on Friday, despite the uncertainties that remain with respect to another stimulus package to mitigate the impact of the pandemic.  The S&P 500 Index gained just less than nine-tenths of one percent, moving beyond previous resistance at 3425.  As highlighted in our previous report, the breakout of the approximately 115-point range projects a target back to around the all-time highs, admittedly a bit of a questionable accomplishment given the fundamental uncertainties that prevail.  Stocks tend to be volatile in the month leading up to the presidential election and bottom directly ahead of the event itself.  Should this pattern hold true, another buying opportunity may be presented before the month is complete.

Sentiment on Friday, as gauged by the put-call ratio, ended bullish at 0.85. 

 

 

 

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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