Stock Market Outlook for August 9, 2022
The market is at a critical juncture and a near-term trade in this inverse ETF ranks well from a risk-reward perspective.
*** 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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Par Pacific Holdings Inc. (NYSE:PARR) Seasonal Chart
Invesco S&P SmallCap 600 Equal Weight ETF (AMEX:EWSC) Seasonal Chart
Apple Hospitality REIT, Inc. (NYSE:APLE) Seasonal Chart
Cheesecake Factory Inc. (NASD:CAKE) Seasonal Chart
Renasant Corp. (NASD:RNST) Seasonal Chart
SP Plus Corp. (NASD:SP) Seasonal Chart
Matrix Service Co. (NASD:MTRX) Seasonal Chart
ASGN Inc. (NYSE:ASGN) Seasonal Chart
Granite Construction Inc. (NYSE:GVA) Seasonal Chart
The Markets
Stocks closed mixed on Monday as traders battle with levels of resistance overhead on major market benchmarks. The S&P 500 Index ended down by a tenth of one percent, reversing early session gains that saw the large-cap benchmark test levels around the May/June highs in what is a critical test of the sustainability of the intermediate-term trend of lower-lows and lower-highs that has dominated in the market this year. Momentum indicators continue to show signs of upside exhaustion as market participants step back from their recent buying binge that has followed the oversold bounce from the June lows. Digestion of the recent gains at this juncture is seen as highly probable, but any retracement that remains above the June lows would be viewed as positive, signalling the potential shift of the negative trajectory that has been persistent this year. Support is tentatively pegged at the now rising 50-day moving average, now at 3945.
Today, in our Market Outlook to subscribers, we discuss the following:
- Market breadth indicators signalling a shift of the intermediate-term trend of stocks
- Horizontal hurdles of significance being tested and the short-term trade with enticing risk-reward
- Upgrades and downgrades in this week’s chart books
- Waste & Disposal Services industry
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Sentiment on Monday, 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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