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Stock Market Outlook for October 22, 2020


Bitcoin has broken out following news that the cryptocurrency will be adopted by the payment network. Seasonal tendencies for the cryptocurrency typically ramp higher between September and December.

 

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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Salesforce.com, Inc. (NYSE:CRM) Seasonal Chart

Salesforce.com, Inc. (NYSE:CRM) Seasonal Chart

Open Text Corp. (TSE:OTEX.TO) Seasonal Chart

Open Text Corp. (TSE:OTEX.TO) Seasonal Chart

Citizens Financial Group Inc. (NYSE:CFG) Seasonal Chart

Citizens Financial Group Inc. (NYSE:CFG) Seasonal Chart

Invesco KBW Regional Banking ETF (NASD:KBWR) Seasonal Chart

Invesco KBW Regional Banking ETF (NASD:KBWR) Seasonal Chart

Invesco Dynamic Large Cap Value ETF (NYSE:PWV) Seasonal Chart

Invesco Dynamic Large Cap Value ETF (NYSE:PWV) Seasonal Chart

Invesco S&P 500 Equal Weight Technology ETF (NYSE:RYT) Seasonal Chart

Invesco S&P 500 Equal Weight Technology ETF (NYSE:RYT) Seasonal Chart

First Trust Cloud Computing ETF (NASD:SKYY) Seasonal Chart

First Trust Cloud Computing ETF (NASD:SKYY) Seasonal Chart

Vanguard S&P Small-Cap 600 Growth ETF (NYSE:VIOG) Seasonal Chart

Vanguard S&P Small-Cap 600 Growth ETF (NYSE:VIOG) Seasonal Chart

 

Upcoming Event:

On November 6th at 2:00pm ET, we will be presenting at the Money Show’s Virtual Expo on the topic of “Using Seasonality to Invest During a Pandemic.”  Registration is free via the following link: https://online.moneyshow.com/2020/november/canada-virtual-expo/speakers/74e9996b76d045da98697115220d2918/jon-vialoux/?scode=051443

MoneyShowNovember62020

 

The Markets

Stocks gyrated around the flatline on Wednesday as investors continue to monitor developments pertaining to another stimulus bill.  The S&P 500 Index shed just over two-tenths of one percent, continuing to lean towards major moving averages at its 20 and 50-day.  MACD continues to converge on its signal line in what could become an imminent sell signal, according to this momentum indicator.  Resistance at the September peak at 3588 continues to stand out overhead.

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Among the more notable moves on the session, Bitcoin spiked by over 8% following news that PayPal will allow customers to hold and shop using crypto-currencies in its network.  Shares of PayPal (PYPL) were also firmly higher following the news.  Positive seasonal tendencies for Bitcoin tend to ramp up between the end of September and the middle of December.

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Want to know which areas of the market to buy or sell?  Our Weekly Chart Books have just been updated, providing a clear Accumulate, Avoid, or Neutral rating for currencies, cryptocurrencies, commodities, broad markets, and subsectors/industries of the market.  Subscribers can login and click on the relevant links to access.

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On schedule for the Wednesday session, the Energy Information Administration (EIA) reported is status of petroleum inventories for the week just past.  The EIA indicated that oil inventories declined by 1.0 million barrels last week, which was approximately inline with the consensus analyst estimate.  Gasoline stockpiles, meanwhile, increased by 1.9 million barrels, while distillates were down by 3.8 million barrels.  The result saw the days of supply of oil tick higher by two-tenths to 36.1, while gasoline days of supply ticked higher by four-tenths to 26.5.  The average days of supply for each at this point in October is 22.5 and 23.9, respectively.  We sent out further insight to subscribers intraday.  Signup now to be included on our distributions.

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 bullish at 0.87.

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Seasonal charts of companies reporting earnings today:

Intel Corporation Seasonal Chart Coca-Cola Company (The) Seasonal Chart AT&T Inc. Seasonal Chart Danaher Corporation Seasonal Chart Union Pacific Corporation Seasonal Chart Northrop Grumman Corporation Seasonal Chart Kimberly-Clark Corporation Seasonal Chart TAL Education Group Seasonal Chart American Electric Power Company, Inc. Seasonal Chart Capital One Financial Corporation Seasonal Chart STMicroelectronics N.V. Seasonal Chart Freeport-McMoran, Inc. Seasonal Chart Sirius XM Holdings Inc. Seasonal Chart Southwest Airlines Company Seasonal Chart VeriSign, Inc. Seasonal Chart West Pharmaceutical Services, Inc. Seasonal Chart W.W. Grainger, Inc. Seasonal Chart Rogers Communication, Inc. Seasonal Chart Check Point Software Technologies Ltd. Seasonal Chart Tractor Supply Company Seasonal Chart Citrix Systems, Inc. Seasonal Chart Fifth Third Bancorp Seasonal Chart Valero Energy Corporation Seasonal Chart Quest Diagnostics Incorporated Seasonal Chart Nucor Corporation Seasonal Chart Genuine Parts Company Seasonal Chart Pool Corporation Seasonal Chart SVB Financial Group Seasonal Chart Seagate Technology PLC Seasonal Chart M&T Bank Corporation Seasonal Chart PulteGroup, Inc. Seasonal Chart Boston Beer Company, Inc. (The) Seasonal Chart Entegris, Inc. Seasonal Chart Huntington Bancshares Incorporated Seasonal Chart Allegion plc Seasonal Chart Watsco, Inc. Seasonal Chart Snap-On Incorporated Seasonal Chart Reliance Steel & Aluminum Co. Seasonal Chart Robert Half International Inc. Seasonal Chart

 

 

S&P 500 Index

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TSE Composite

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