Stock Market Outlook for March 17, 2022
While mean reversion is providing a temporary reprieve in some of this quarter’s extreme moves, this industry play may see longer-term benefits as its period of seasonal strength gets underway.
*** 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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Cohen & Steers Infrastructure Fund (NYSE:UTF) Seasonal Chart
European Equity Fund, Inc. (NYSE:EEA) Seasonal Chart
WisdomTree Europe Hedged SmallCap Equity Fund (AMEX:EUSC) Seasonal Chart
Global X MLP ETF (AMEX:MLPA) Seasonal Chart
Invesco DWA Developed Markets Momentum ETF (NASD:PIZ) Seasonal Chart
Invesco Russell Top 200 Equal Weight ETF (AMEX:EQWL) Seasonal Chart
iShares MSCI UAE Capped ETF (NASD:UAE) Seasonal Chart
Macquarie Infrastructure Company Trust (NYSE:MIC) Seasonal Chart
Constellation Brands, Inc. (NYSE:STZ) Seasonal Chart
CES Energy Solutions Corp. (TSE:CEU.TO) Seasonal Chart
Deckers Outdoor Corp. (NYSE:DECK) Seasonal Chart
Anheuser-Busch InBev ADR (NYSE:BUD) Seasonal Chart
Marathon Oil (NYSE:MRO) Seasonal Chart
TransAlta Corp. (NYSE:TAC) Seasonal Chart
Kinaxis Inc. (TSE:KXS.TO) Seasonal Chart
The Markets
Stocks surged on Wednesday amidst revelations that Ukraine may be nearing a ceasefire deal with Russia and news that the US and China are progressing towards a cooperation plan on US listed Chinese equities. The headlines sent a flood of buying into technology stocks, leading to a 2.24% increase for the S&P 500 Index. The move on the day has allowed the benchmark to retake levels above recently broken support at 4280 and declining trendline resistance stemming from the February and March highs. The relative strength index (RSI) has ticked back above 50, inching into the upper half of its range and breaking declining trendline resistance that had been pressuring the technical indicator lower since November of last year. We have been noting the evidence of selling exhaustion in recent days and it appears that the resolution of this battle between the bears and the bulls is, obviously, higher. While headline risks in this market remain overwhelming, a reprieve of the negativity that has dominated the market has certainly been due, warranting the accumulation of equities, as we did last week in our Super Simple Seasonal Portfolio.
Today, in our Market Outlook to subscribers, we discuss the following:
- Zooming in again on the hourly view of the S&P 500 Index and the change we are enacting in the Super Simple Seasonal Portfolio
- The rebound of Emerging Market equities and the period of seasonal strength
- Medical device stocks
- Weekly petroleum status and the trend of Oil
- US Retail Sales
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Sentiment on Wednesday, as gauged by the put-call ratio, ended bearish at 1.02.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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