Stock Market Outlook for February 7, 2023
*** 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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General Mills Inc. (NYSE:GIS) Seasonal Chart
GSK Plc (NYSE:GSK) Seasonal Chart
Clean Harbors, Inc. (NYSE:CLH) Seasonal Chart
NuVasive, Inc. (NASD:NUVA) Seasonal Chart
Companias Cervecerias (NYSE:CCU) Seasonal Chart
International Seaways, Inc. (NYSE:INSW) Seasonal Chart
The Markets
Stocks slipped on Monday as rate fears following January’s stronger than average payroll report had investors trimming risk in investment portfolios. The S&P 500 Index slipped by six-tenths of one percent, reaching back to test the recent breakout point at 4100. The large-cap benchmark continues to provide encouraging evidence that it is progressing beyond the declining path of the past year as bearish sentiment gets washed out and levels of former resistance turn into support. But while recent breakouts are a good solid step to reversing this negative trajectory, the more enticing opportunity to become outright accumulators of domestic equities over a sustainable timeframe is when a path of higher-highs and higher-lows, supported by 50-week moving averages, becomes defined. For now, a neutral bias remains desired, but there are still plenty of areas where we can take more of a directional bet, either bullish or bearish (see our weekly chart books for further insight).
Today, in our Market Outlook to subscribers, we discuss the following:
- Hourly look at the large-cap benchmark
- The correlation between rates and the dollar on stocks and when to expect that correlation to break
- Ratings changes in this week’s chart books
- US Vehicle Sales
- Investor Sentiment
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- Commodities
- Major Benchmarks
- Sub-sectors / Industries
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Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.77.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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