Stock Market Outlook for March 9, 2022
Buying exhaustion becoming apparent in some of this quarter’s favored bets.
*** 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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Firan Technology Group Corp. (TSE:FTG.TO) Seasonal Chart
Hawaiian Electric Industries Inc. (NYSE:HE) Seasonal Chart
SM Energy Co. (NYSE:SM) Seasonal Chart
H. B. Fuller Co. (NYSE:FUL) Seasonal Chart
SunOpta, Inc. (TSE:SOY.TO) Seasonal Chart
Crescent Point Energy Corp. (NYSE:CPG) Seasonal Chart
Sprague Resources LP (NYSE:SRLP) Seasonal Chart
BMO Covered Call Utilities ETF (TSE:ZWU.TO) Seasonal Chart
iShares Residential Real Estate Capped ETF (NYSE:REZ) Seasonal Chart
Invesco S&P 500 Pure Value ETF (NYSE:RPV) Seasonal Chart
Ovintiv Inc (TSE:OVV.TO) Seasonal Chart
The Markets
Stocks closed lower on Tuesday in what was a roller coaster session for risk assets amidst ongoing developments pertaining to sanctions against Russia and the situation in Ukraine. The S&P 500 Index closed with a loss of seven-tenths of one percent, remaining below significant support at 4280. At the high of the day, that hurdle was tested as a point of resistance and the rejection was swift, solidifying the level as a point of significance. Momentum indicators continue to head lower, showing characteristics of a bearish trend. The action on the day, while negative, is representative of a market that is struggling to gain further selling momentum and it suggests that we should prepare for a rebound rally at some point in the immediate future. Our timeframe to expect a reversal of the prevailing market trends is quickly nearing and we do want to be prepared. The risk that war presents does not factor into our models, but our models are still keeping us appropriately oriented as to how we should be positioned in order to navigate this market. The next shift is expected shortly.
Today, in our Market Outlook to subscribers, we discuss the following:
- Major equity benchmarks revealing levels of significant resistance
- Mean reversion in the market may be getting underway
- Favored bets in the market showing signs of buying exhaustion
- Gold and Gold Mining ETFs reacting to resistance
- The change in our Super Simple Seasonal Portfolio
- Canada Merchandise Trade and the jump to a trade surplus
- US Wholesale Trade and the waning sales activity
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Sentiment on Tuesday, as gauged by the put-call ratio, ended neutral at 0.96
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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