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Equity Clock

Equity Clock - Market Outlook for May 2, 2023

US Dollar Index showing a double bottom at the February low, a technical event that should concern equity investors.

*** 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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Waste Management, Inc. (NYSE:WM) Seasonal Chart

Waste Management, Inc. (NYSE:WM) Seasonal Chart

Vector Group Ltd. (NYSE:VGR) Seasonal Chart

Vector Group Ltd. (NYSE:VGR) Seasonal Chart

Chesapeake Utilities Corp. (NYSE:CPK) Seasonal Chart

Chesapeake Utilities Corp. (NYSE:CPK) Seasonal Chart

Welltower Inc. (NYSE:WELL) Seasonal Chart

Welltower Inc. (NYSE:WELL) Seasonal Chart

iShares Canadian Real Return Bond Index ETF (TSE:XRB.TO) Seasonal Chart

iShares Canadian Real Return Bond Index ETF (TSE:XRB.TO) Seasonal Chart

iShares 10-20 Year Treasury Bond ETF (NYSE:TLH) Seasonal Chart

iShares 10-20 Year Treasury Bond ETF (NYSE:TLH) Seasonal Chart

 

Super Simple Seasonal Portfolio


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The Markets

Stocks gyrated around the flat-line to start the new week and the new month as investors brace for the Fed policy announcement on Wednesday.  The S&P 500 Index closed essentially unchanged, remaining within the range of resistance between 4100 and 4200.  Support continues to be implied by the confluence of major moving averages in the range of 3950 to 4050.  This span of support effectively marks the limits denoted by the 50 and 200-day moving averages, which are starting to converge on one another as the shorter-term average flat-lines while the longer-term average continues to rebound.  Ultimately, the lack of a parallel rising path of these moving averages has yet to express a defined bullish backdrop, one where momentum is on your side to carry risk assets higher over a prolonged period.  MACD remains on a sell signal that was triggered last week, ahead of the month-end rebound.  Seasonally, stocks have tended to remain afloat through the first week of May, but we are at the end of the best six month trend for stocks, warranting a greater scrutiny of the technicals to provide the signal of whether to take down risk in portfolios as the market transitions into a period of risk-aversion.



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Seasonal charts of companies reporting earnings today:

Pfizer, Inc. Seasonal Chart Advanced Micro Devices, Inc. Seasonal Chart Starbucks Corporation Seasonal Chart BP p.l.c. Seasonal Chart Illinois Tool Works Inc. Seasonal Chart Eaton Corporation, PLC Seasonal Chart Thomson Reuters Corp Seasonal Chart Enterprise Products Partners L.P. Seasonal Chart Marathon Petroleum Corporation Seasonal Chart Marriott International Seasonal Chart Ecolab Inc. Seasonal Chart Ford Motor Company Seasonal Chart IDEXX Laboratories, Inc. Seasonal Chart Energy Transfer L.P. Seasonal Chart Welltower Inc. Seasonal Chart Sysco Corporation Seasonal Chart Cheniere Energy, Inc. Seasonal Chart Simon Property Group, Inc. Seasonal Chart MPLX LP Seasonal Chart AmerisourceBergen Corporation (Holding Co) Seasonal Chart Cummins Inc. Seasonal Chart DuPont de Nemours, Inc. Seasonal Chart Prudential Financial, Inc. Seasonal Chart AMTEK, Inc. Seasonal Chart Public Service Enterprise Group Incorporated Seasonal Chart ONEOK, Inc. Seasonal Chart Franco-Nevada Corporation Seasonal Chart Zimmer Biomet Holdings, Inc. Seasonal Chart Edison International Seasonal Chart Yum China Holdings, Inc. Seasonal Chart T. Rowe Price Group, Inc. Seasonal Chart Gartner, Inc. Seasonal Chart Restaurant Brands International Inc. Seasonal Chart Extra Space Storage Inc Seasonal Chart Clorox Company (The) Seasonal Chart Howmet Aerospace Inc. Seasonal Chart Expeditors International of Washington, Inc. Seasonal Chart Paycom Software, Inc. Seasonal Chart Broadridge Financial Solutions, Inc. Seasonal Chart Incyte Corporation Seasonal Chart Amcor plc Seasonal Chart Zebra Technologies Corporation Seasonal Chart Aercap Holdings N.V. Seasonal Chart Molson Coors Beverage Company Seasonal Chart Leidos Holdings, Inc. Seasonal Chart

 

S&P 500 Index

 

TSE Composite

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