Stock Market Outlook for April 20, 2023
Doubt pertaining to the demand backdrop in the energy market has led to the break of the trend of crack spreads, threatening our lone Accumulate candidate in the energy sector.
*** 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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Apartment Investment and Management Co. (NYSE:AIV) Seasonal Chart
Green Dot Corp. (NYSE:GDOT) Seasonal Chart
BeiGene, Ltd. (NASD:BGNE) Seasonal Chart
The Markets
Stocks held around the flat-line on Wednesday as investors digest the earnings that have been released and anticipate the onslaught of results through the days ahead. The S&P 500 Index was essentially unchanged, remaining stuck in this range of resistance between 4100 and 4200. Momentum continues to struggle as the benchmark battles this overhead supply, leading to the ongoing contraction in the MACD histogram as the technical indicator converges on its signal line. The market is in need of a catalyst, whether it be positive or negative, in order to entice traders to take a position one way or the other. Until then, investors continue to sit on the fence given the fundamental uncertainties that are ongoing and as core-cyclical sectors struggle just below their year-to-date highs. The bulls have much to prove, but there is not enough, yet, technically to suggest abandoning risk, outright, as the market nears closer to the end of the best six months for stocks that peaks at the end of April/start of May.
Today, in our Market Outlook to subscribers, we discuss the following:
- The decline in shipping volumes and expenditures for March
- The fundamental state of the energy market
- The break of trend of crack spreads and the implications for our lone Accumulate candidate that is left in the energy sector
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for April 20
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Sentiment on Wednesday, as gauged by the put-call ratio, ended bearish at 1.03.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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