Equity Clock

Stock Market Outlook for October 7, 2021

US Dollar Index continues to make progress above a bottoming pattern, acting as a headwind for stocks.

 

 

 

*** 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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Northern Trust Corp. (NASD:NTRS) Seasonal Chart

State Street Corp. (NYSE:STT) Seasonal Chart

Royal Caribbean Cruises (NYSE:RCL) Seasonal Chart

Ingredion Inc. (NYSE:INGR) Seasonal Chart

Brady Corp. (NYSE:BRC) Seasonal Chart

NBT Bancorp, Inc. (NASD:NBTB) Seasonal Chart

Bunge Ltd. (NYSE:BG) Seasonal Chart

Asure Software (NASD:ASUR) Seasonal Chart

CRA International, Inc. (NASD:CRAI) Seasonal Chart

Mawson Resources Ltd. (TSE:MAW.TO) Seasonal Chart

iShares Russell Mid-Cap Growth ETF (NYSE:IWP) Seasonal Chart

 

 

The Markets

Stocks closed slightly higher on Wednesday as investors found some comfort that the Republicans would be willing to compromise on a debt ceiling extension, which would mitigate a default, at least for now.   The S&P 500 Index closed higher by four-tenths of one percent, led by strength in defensive sectors of consumer staples, utilities, and REITs.  The large-cap benchmark has maintained support at the 100-day moving average, on a closing basis, that was retaken in the Tuesday session.  Resistance at the 20 and 50-day moving averages can be pegged overhead at 4404 and 4438, respectively.

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

• The US Dollar and the headwind to risk assets
• The breakdown in the Euro
• Copper
• The recent breakout in the price of Oil and the target that the move projects
• US oil inventories and how we’re playing the recent strength in the energy sector

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Sentiment on Wednesday, as gauged by the put-call ratio, ended neutral at 1.00.

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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