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Equity Clock - Market Outlook for February 28, 2024
An expansion of breadth in the market opens the potential to trades outside of the much beloved technology 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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The Markets
Stocks closed mildly higher on Tuesday as portfolio managers continue to conduct their final trades before the end of the month. The S&P 500 Index ended with a gain of just less than two-tenths of one percent, remaining within arm’s reach of the all-time high charted at the end of last week. Upside gap support remains unfilled between 4983 and 5038, providing a zone to shoot off of in the near-term. While characteristics of a bullish intermediate-term trend for the large-cap benchmark persist, negative divergences with respect to MACD and RSI highlight the waning of buying demand around these heights as investors express indecision to putting new money to work around these heights. The benchmark is set to exit its seasonally weak two-week span encompassing the back half of February unscathed, but we cannot dismiss the potential of a near-term pullback in order to keep the prevailing intermediate rising path stemming from the October of 2022 lows healthy. March is a notoriously rotational month as portfolio managers reshuffle allocations back to investment policy guidelines and with the skew present between growth over value or stocks over bonds, these professional managers will have some work to do to right-side portfolios.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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