Equity Clock

Stock Market Outlook for November 16, 2021

The market is rapidly pricing in the impact of inflationary pressures in the economy, warranting appropriate inflation hedges in portfolios.

 

 

 

*** 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:

Subscribers – Click on the relevant link to view the full profile. Not a subscriber? Signup here.

Icahn Enterprises L.P. (NASD:IEP) Seasonal Chart

Argan, Inc. (NYSE:AGX) Seasonal Chart

Streamline Health Solutions Inc. (NASD:STRM) Seasonal Chart

Xenon Pharmaceuticals Inc. (NASD:XENE) Seasonal Chart

Choice Properties REIT (TSE:CHP/UN.TO) Seasonal Chart

Vanguard Extended Market ETF (NYSE:VXF) Seasonal Chart

 

 

The Markets

Stocks meandered around the flatline on Monday as the market remains in this short-term digestive pattern following the sharp gains recorded since the end of September.  The S&P 500 Index closed essentially unchanged on the day, hovering below the all-time high charted just over a week ago around 4718.  Downside risks remain to short and intermediate support around the rising 20 and 50-day moving averages, now at 4618 and 4495, respectively.  Momentum indicators continue to hold just below overbought territory following sell signals triggered last week, but, despite this seemingly bearish revelation, RSI, Stochastics, and MACD continue to show characteristics of a bullish trend.  Just one more week remains in this soft period within the month of November and we will provide more statistics pertaining to the average performance of the market surrounding the US Thanksgiving holiday period later this week.  Bottom line is that while we remain a short-term softer period, there is still no reason to be sellers of stocks until we see evidence that the momentum behind the market has shifted unfavourably.  We don’t expect that to be until after the new year.

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

• Market pricing in the impact of inflation and the optimal holding period for the Treasury Inflation Protected ETF (TIP)
• Upgrades and downgrades in this week’s chart books: Find out what has been added to our list of market segments to Accumulate this week
• Empire State Manufacturing Survey and the sentiment of manufacturers at this traditionally slower time of the year for activity.
• Canadian Manufacturing Sales

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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.

• Currencies
• Cryptocurrencies
• Commodities
• Major Benchmarks
• Sub-sectors / Industries

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Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.80.

 

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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