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Equity Clock - Market Outlook for August 31, 2023
A sharp draw of oil inventories last week has erased virtually all of the injection to stockpiles that was recorded earlier this year.
*** 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 closed higher for a fourth straight session on Wednesday as the normal drift higher into the Labor day long weekend continues. The S&P 500 Index closed with a gain of just less than four-tenths of one percent, moving further above resistance at 20 and 50-day moving averages that were broken in the prior session. Downside gap resistance between 4550 and 4575 is the next major hurdle to watch as this kicked off the normal August slump, coinciding with the period of volatility for stocks during the third quarter. The weakest time of year for the equity market is still ahead, spanning the last half of September, and we have no reason to expect a deviation compared to the seasonal norm ahead of the best six months of the year period for stocks that starts in October.
Soon to be released…
We are busy putting the finishing touches on our Monthly Outlook for September, providing you with everything that you need to know for the month(s) ahead.
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Sectors and Industries entering their period of seasonal strength:
Analysis of the Restaurants & Bars Industry seasonal charts above shows that a Buy Date of August 31 and a Sell Date of November 23 has resulted in a geometric average return of 3.78% above the benchmark rate of the S&P 500 Total Return Index over the past 20 years. This seasonal timeframe has shown positive results compared to the benchmark in 17 of those periods. This is a very good rate of success and the return slightly outperforms the relative buy-and-hold performance of the stock over the past 20 years by an average of 0.18% per year.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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