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Equity Clock - Market Outlook for April 19, 2023
The pace of housing authorizations is slowing as builders seek to adsorb multi-decade high levels of land inventory.
*** 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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The Markets
Stocks hovered close to the flat-line on Tuesday as investors wait for the onslaught of earnings reports in the days ahead. The S&P 500 Index closed higher by just less than a tenth of one percent, remaining within the range of resistance between 4100 and 4200. Momentum indicators continue to show signs of struggle as investors look for a catalyst to push prices one way or the other. Increasingly, we are starting to see major moving averages fan out in a positive manner, providing a confluence of support below the market that is able to catch prices should they fall, but we are still well off from realizing the overwhelming bullish trend that has been seen in past bull markets that allow traders to buy pretty much anything. For now, we are sticking with our Accumulate candidates within our weekly chart books and we remain prepared to flip to a more a more cautious/conservative portfolio if and when conditions permit.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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