Stock Market Outlook for February 24, 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:
Subscribers – Click on the relevant link to view the full profile. Not a subscriber? Signup here.
Mackenzie Maximum Diversification All World Developed ex North America Index (TSE:MXU.TO) Seasonal Chart
Jamieson Wellness Inc. (TSE:JWEL.TO) Seasonal Chart
Vanguard Tax-Exempt Bond ETF (AMEX:VTEB) Seasonal Chart
Pacer Trendpilot European Index ETF (AMEX:PTEU) Seasonal Chart
Fidelity Low Volatility Factor ETF (AMEX:FDLO) Seasonal Chart
Mackenzie Maximum Diversification All World Developed Index ETF (TSE:MWD.TO) Seasonal Chart
iShares Currency Hedged MSCI Germany ETF (NASD:HEWG) Seasonal Chart
Campbell Soup Co. (NYSE:CPB) Seasonal Chart
QuantShares U.S. Market Neutral Anti-Beta Fund (NYSE:BTAL) Seasonal Chart
Trilogy Metals Inc. (TSE:TMQ.TO) Seasonal Chart
Diana Shipping Inc. (NYSE:DSX) Seasonal Chart
AT&T, Inc. (NYSE:T) Seasonal Chart
Ecolab, Inc. (NYSE:ECL) Seasonal Chart
iShares Conservative Strategic Fixed Income ETF (TSE:XSE.TO) Seasonal Chart
Vanguard Communication Services ETF (NYSE:VOX) Seasonal Chart
Shaw Communications, Inc. (TSE:SJR/B.TO) Seasonal Chart
Dollarama Inc. (TSE:DOL.TO) Seasonal Chart
Leggett & Platt, Inc. (NYSE:LEG) Seasonal Chart
The Markets
Stocks closed higher on Thursday as strength in shares of NVIDIA following the release of earnings gave lift to the broader technology sector. The S&P 500 Index gained just over half of one percent, charting a long lower-wick candlestick around rising intermediate support at the 50-day moving average (3980). As has been highlighted in recent reports, a confluence of major moving average between 3900 and 4000 are in positions to provide a backstop to this market as we progress through what is traditionally a weaker timeframe for stocks into the start of March. It would take a definitive break below this zone to warrant a more bearish view of the market and, for now, a neutral stance remains appropriate given the fundamental and seasonal frameworks that are present today. Weakness running into the average low for the large-cap benchmark of early to mid March could setup well for the normal spring ramp in equity prices that peaks in mid to late April, coinciding with the Investment Retirement Account contribution deadline on April 18th.
Today, in our Market Outlook to subscribers, we discuss the following:
- Various breadth indicators starting to suggest increasing support behind this market
- Weekly Jobless Claims and the health of the labor market
- Weekly Natural Gas Inventories
- US Petroleum Status and the state of demand in the energy market
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for February 24
Not signed up yet? Subscribe now to receive full access to all of the research and analysis that we publish.
Sentiment on Thursday, as gauged by the put-call ratio, ended bearish at 1.04.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
| Sponsored By... |
|
