Stock Market Outlook for April 28, 2022
Small-caps are breaking below their prolonged trading range, which presents ongoing concerns for the broader market.
*** 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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Infosys Technologies Ltd. (NYSE:INFY) Seasonal Chart
Expedia, Inc (NASD:EXPE) Seasonal Chart
ADTRAN, Inc. (NASD:ADTN) Seasonal Chart
The Markets
Stocks closed largely mixed on Wednesday as investors continue to position portfolios for what remains a treacherous market. The S&P 500 Index closed with a gain of two-tenths of one percent, unable to hold onto the bulk of the gains achieved at the highs of the session amidst a snapback rally. Support at the March lows around 4157 continue to be tested, while horizontal resistance at 4280 remains solid overhead. Momentum indicators continue to slip further with the Relative Strength Index (RSI) reaching back toward oversold levels. The rather indecisive candlestick pattern charted on the day fails to provide any indication, yet, that this market has found a low that it is comfortable to bounce from, although seasonal norms suggest stability in the market through the days ahead as we transition from one month to the next.
Today, in our Market Outlook to subscribers, we discuss the following:
- Breakdown of small-caps
- Retail inventories
- US Imports
- Consumer loans and the stocks of consumer finance companies
- A volatility beneficiary to consider for your summer portfolio
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Sentiment on Wednesday, as gauged by the put-call ratio, ended bearish at 1.15.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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