Stock Market Outlook for March 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:
Subscribers – Click on the relevant link to view the full profile. Not a subscriber? Signup here.
Capital One Fncl Corp. (NYSE:COF) Seasonal Chart
Lululemon Athletica Inc. (NASD:LULU) Seasonal Chart
Albemarle Corp. (NYSE:ALB) Seasonal Chart
Gartner Group, Inc. (NYSE:IT) Seasonal Chart
The Children’s Place, Inc. (NASD:PLCE) Seasonal Chart
Citi Trends, Inc. (NASD:CTRN) Seasonal Chart
Ferrari NV (NYSE:RACE) Seasonal Chart
The Markets
Stocks waivered in the first session of the trading week as investors looked forward to some important economic datapoints and Fed speak through the days ahead. The S&P 500 Index closed essentially unchanged after reaching up to close proximity of horizontal resistance at 4100 earlier in the session. A confluence of support presented by major moving averages in the range between 3900 and 4000 continues to backstop this market, showing a technical profile that is a shift from that of the previous year when major moving averages worked to cap upside momentum. The benchmark is showing increasing signs of being supported rather than being restricted by levels of resistance and this is the type of framework technically that investors should always look for when seeking to express an upside bias. An intermediate trend of higher-highs and higher-lows stemming from the October lows remain intact, a characteristic shared by the slope of the 50-day moving average. While we still find it difficult to shift from our neutral view of the large-cap benchmark, there is still plenty that we are bullish on, many of which were upgraded today as part of our weekly chart books update. Seasonally, the period between now and the start of April is traditionally bullish for stocks, representing the book-end to the best six months for year for risk assets that began in October. The first part of this best six month timeframe between October and January was widely positive for stocks and we do not have good reason to suspect that the next six to eight weeks will show any different. Stocks are expected to return to a tougher period between May and August.
Today, in our Market Outlook to subscribers, we discuss the following:
- US Dollar Index reacting to resistance at 20 and 50-week moving averages
- Upside momentum for treasury yields continues to wane
- Ratings changes in this week’s chart books: Find out which market segments are now Accumulate candidates heading into the seasonally strong timeframe ahead and which commodity warrants Avoiding as it enters its period of seasonal weakness
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for March 7
Not signed up yet? Subscribe now to receive full access to all of the research and analysis that we publish.
Want to know which areas of the market to buy or sell? Our Weekly Chart Books have just been updated, providing a clear Accumulate, Avoid, or Neutral rating for currencies, cryptocurrencies, commodities, broad markets, and subsectors/industries of the market. Subscribers can login and click on the relevant links to access.
- Currencies
- Cryptocurrencies
- Commodities
- Major Benchmarks
- Sub-sectors / Industries
- ETFs: Bonds | Commodities | Equity Markets | Industries | Sectors
Subscribe now.
Sentiment on Monday, as gauged by the put-call ratio, ended neutral at 1.00.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
| Sponsored By... |
|
