Equity Clock

Stock Market Outlook for April 19, 2021

The S&P 500 Index is in a stretched condition by a number of measures.

 

 

 

*** 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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IAMGold Corp. (TSE:IMG.TO) Seasonal Chart

Meridian Bioscience Inc. (NASD:VIVO) Seasonal Chart

Bryn Mawr Bank Corp. (NASD:BMTC) Seasonal Chart

Northwest Pipe Co. (NASD:NWPX) Seasonal Chart

RF Industries, Inc. (NASD:RFIL) Seasonal Chart

Maiden Holdings North America, Ltd. (NYSE:MHNC) Seasonal Chart

Apartment Investment and Management Co. (NYSE:AIV) Seasonal Chart

Kroger Co. (NYSE:KR) Seasonal Chart

Mondelez International, Inc. (NASD:MDLZ) Seasonal Chart

Bio-Techne Corporation (NASD:TECH) Seasonal Chart

Reeds, Inc. (NASD:REED) Seasonal Chart

Sypris Solutions, Inc. (NASD:SYPR) Seasonal Chart

Amphastar Pharmaceuticals, Inc. (NASD:AMPH) Seasonal Chart

Invesco Dynamic Software ETF (NYSE:PSJ) Seasonal Chart

 

 

The Markets

Stocks continued to inch higher in the last trading session of the week as investors maintain their positive bias in risk assets given a recent string of strong economic data, as well as optimism pertaining to earnings.  The S&P 500 Index climbed by just over a third of one percent, charting yet another record high.  Gradually, the benchmark is pushing beyond the limits of its daily rising trend channel that peaked just above 4150.  A parabolic rise is being implied, typically an unsustainable path that makes the trend vulnerable to an abrupt pullback should a negative catalyst be received.  Momentum indicators have become more overbought with the move higher in the past couple of sessions, pushing back against the hints of them rolling over through the middle of the week.

Today, in our Market Outlook to subscribers, we discuss the following:

• The stretched condition of the S&P 500 Index above levels of support
• A weekly look at the large-cap benchmark
• US Housing Starts and the stocks that are benefiting
• Canada Manufacturing Sales; what is driving activity and what the results are saying as to how we should bias ourselves in our portfolio positioning
• Natural Gas inventories and what they have to say about the fundamental prong to the seasonal investment in the commodity

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Sentiment on Friday, as gauged by the put-call ratio, ended bullish at 0.77.

 

 

 

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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