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Equity Clock - Market Outlook for August 22, 2024
It is highly abnormal to see the price of oil around the lows of the year during this typically upbeat period for demand in the summer months.
*** 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 edged higher on Wednesday as minutes from the latest Fed meeting elevated hopes that the central bank will cut rates in September. The S&P 500 Index closed higher by just over four-tenths of one percent, crossing back above the psychologically important 5600 level.Upside gap support from Thursday’s breakout above the 50-day moving average remains unfilled between 5463 and 5501, presenting a zone to shoot short-term bullish bets against as we navigate into this period of short-term strength surrounding the last long weekend of summer and as investors reach for the all-time high that was charted during the summer rally period at 5669. Near-term upside momentum is showing signs of waning following the sharp rebound from the early August lows and traders are on the lookout for the next catalyst to fuel the next upleg to keep the intermediate-term path of the benchmark alive and well. This market is providing opportunities for both the bulls and the bears (see our list of market segments to Accumulate or Avoid), but the backdrop is not present to be indiscriminately bullish of equity markets, as may have been the case earlier this year.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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