Stock Market Outlook for March 2, 2022
Price of Oil is reaching significant resistance around the 2014 high, a break of which could further escalate the panic in the equity market and the strain in the economy.
*** 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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Avalonbay Communities, Inc. (NYSE:AVB) Seasonal Chart
Citigroup, Inc. (NYSE:C) Seasonal Chart
Shaw Communications, Inc. (TSE:SJR/B.TO) Seasonal Chart
Cousins Properties, Inc. (NYSE:CUZ) Seasonal Chart
The Markets
The volatility that has dominated the equity markets through January and February has carried over to another month as investors remain on edge pertaining to the growing tensions with Russia. The S&P 500 Index closed lower by 1.55%, peeling back on some of the gain that was generated into the end of February. Momentum indicators continue to positively diverge from price, showing a higher-low above the January low and hinting of waning selling pressures. Resistance at the 20 and 200-day moving averages at 4450 remains the threat overhead.
Today, in our Market Outlook to subscribers, we discuss the following:
- Pegging our long equity exposure against significant support
- Price of oil reaching significant resistance and the impact of the sharp rate of change in the price of the commodity
- Alternatives to high energy commodity prices
- Total Construction Spending: What is driving activity and how the stocks are reacting
- Continuing to target the miners and manufacturers of things
- Canada GDP
- The instant shift of the narrative in the leisure/hospitality industry amidst the threat of war
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Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.89.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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