Stock Market Outlook for March 31, 2023
Intermediate techncials of the market remain undamaged heading into the new quarter.
*** 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.
Enerplus Corp. (NYSE:ERF) Seasonal Chart
Kimball Electronics, Inc. (NASD:KE) Seasonal Chart
Ocwen Financial Corp. (NYSE:OCN) Seasonal Chart
Energy Transfer LP (NYSE:ET) Seasonal Chart
United States Natural Gas Fund (NYSE:UNG) Seasonal Chart
The Markets
Stocks continued to push higher into the end of the quarter as investment managers pad portfolios with many of this quarters winners in the Technology sector. The S&P 500 Index posted a gain of just less than six-tenths of one percent, charting a rather indecisive doji candlestick above resistance at the 50-day moving average. The benchmark is making incremental progress above the recently highlighted confluence of major moving averages between 3900 and 4000, but the bulls are clearly showing hesitation running away with the ball with the fundamental uncertainties that persist. The end of the first quarter notoriously has an upside bias for stocks, a phenomenon that leads into another strong month in April, but our concern is how stocks will perform when they do not have these seasonal tailwinds behind them as we get later into April and into the month of May. Keep tabs on our weekly chart books for segments that warrant buying as constituents on our Accumulate list continue to perform very well.
Today, in our Market Outlook to subscribers, we discuss the following:
- Sentiment and investor positioning rebounding from the lows of March
- Weekly Jobless Claims and the health of the labor market
- Case-Shiller Home Price Index and the unevenness of the declines in home prices across the country
- The change in margin debt and credit balances in investor accounts
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for March 31
Not signed up yet? Subscribe now to receive full access to all of the research and analysis that we publish.
Soon to be released…
We are busy placing the finishing touches on our monthly report for April, which should be delivered to subscribers on Friday. Lookout for this report in your inbox.
Want to be included on this distribution and receive access to all of the research that we publish? Sign up to our service now to receive seasonal, technical, and fundamental insights that you will not find anywhere else.
Sentiment on Thursday, as gauged by the put-call ratio, ended close to neutral at 0.95.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
| Sponsored By... |
|
