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Stock Market Outlook for March 9, 2022


Buying exhaustion becoming apparent in some of this quarter’s favored bets.

 

Real Time Economic Calendar provided by Investing.com.

 

 

*** 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

Firan Technology Group Corp. (TSE:FTG.TO) Seasonal Chart

Hawaiian Electric Industries Inc. (NYSE:HE) Seasonal Chart

Hawaiian Electric Industries Inc. (NYSE:HE) Seasonal Chart

SM Energy Co. (NYSE:SM) Seasonal Chart

SM Energy Co. (NYSE:SM) Seasonal Chart

H. B. Fuller Co. (NYSE:FUL) Seasonal Chart

H. B. Fuller Co. (NYSE:FUL) Seasonal Chart

SunOpta, Inc. (TSE:SOY.TO) Seasonal Chart

SunOpta, Inc. (TSE:SOY.TO) Seasonal Chart

Crescent Point Energy Corp. (NYSE:CPG) Seasonal Chart

Crescent Point Energy Corp. (NYSE:CPG) Seasonal Chart

Sprague Resources LP (NYSE:SRLP) Seasonal Chart

Sprague Resources LP (NYSE:SRLP) Seasonal Chart

BMO Covered Call Utilities ETF (TSE:ZWU.TO) Seasonal Chart

BMO Covered Call Utilities ETF (TSE:ZWU.TO) Seasonal Chart

iShares Residential Real Estate Capped ETF (NYSE:REZ) Seasonal Chart

iShares Residential Real Estate Capped ETF (NYSE:REZ) Seasonal Chart

Invesco S&P 500 Pure Value ETF (NYSE:RPV) Seasonal Chart

Invesco S&P 500 Pure Value ETF (NYSE:RPV) Seasonal Chart

Ovintiv Inc (TSE:OVV.TO) 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.

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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

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Seasonal charts of companies reporting earnings today:

Franco-Nevada Corporation Seasonal Chart Campbell Soup Company Seasonal Chart National Steel Company Seasonal Chart Thor Industries, Inc. Seasonal Chart Korn Ferry Seasonal Chart United Natural Foods, Inc. Seasonal Chart Costamare Inc. Seasonal Chart Calavo Growers, Inc. Seasonal Chart Ebix, Inc. Seasonal Chart Children's Place, Inc. (The) Seasonal Chart

 

 

S&P 500 Index

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TSE Composite

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