Stock Market Outlook for April 13, 2022
As we enter earnings season with reports from some of the major banks, the technical setup for these financial institutions is concerning.
*** 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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ABIOMED, Inc. (NASD:ABMD) Seasonal Chart
Summit Industrial Income REIT (TSE:SMU/UN.TO) Seasonal Chart
Methode Electronics, Inc. (NYSE:MEI) Seasonal Chart
Golar LNG Ltd (NASD:GLNG) Seasonal Chart
Credit Acceptance Corp. (NASD:CACC) Seasonal Chart
SPDR S&P Health Care Services ETF (NYSE:XHS) Seasonal Chart
The Markets
Stocks reversed early session gains on Tuesday as investors sought to trim risk in portfolios around levels of resistance. The S&P 500 Index slipped by a third of one percent, giving back the 1.3% gain charted within the first 30 minutes of trade. The reversal originated from Monday’s downside open gap between 4465 and 4480, defining this range as a point of resistance. Support at the intermediate 50-day moving average was once again violated, placing the benchmark back in this framework where levels of resistance are outweighing levels of support. Momentum indicators continue to point lower and rising trendine support for the Relative Strength Index (RSI) is under threat. Next target on the downside is 4280, a critical horizontal barrier that is the last line in the sand before the head-and-shoulders topping pattern, and the downside risks that it presents, comes back into play.
Today, in our Market Outlook to subscribers, we discuss the following:
- The change we are enacting in the Super Simple Seasonal Portfolio
- The start of earnings season and a look at shares of JP Morgan
- The topping pattern apparent in Canadian bank stocks
- US Consumer Price Index (CPI)
- Looking for the sustainable opportunity to become invested in the bond market
- The possible peak in inflation expectations
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Sentiment on Tuesday, as gauged by the put-call ratio, ended close to neutral at 0.94.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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