April 26, 2023
Weekly Market Outlook
By Keith Schneider and Donn Goodman
Until yesterday, Tuesday, the stock market had been uncharacteristically trendless for April. However, big moves tend to follow quiet periods, and we’re in earnings season, so big moves right now should not be a big surprise.
In this week’s Market Outlook we summarize several different perspectives of the market’s landscape and introduce a new tool for spotting opportunities called “What’s Hot and What’s Not.”
Read Last Week’s Article: The Fed’s Actions Appear to Be Working… Or Are They?
Tuesday’s market drop was brought on by terrible earnings news from UPS and First Republic Bank (FRC). Now, the question going forward is, “How will the market recover or roll over, and are there any new opportunities as a result?”
As we normally do, we’ll look for the answers from several different perspectives (including fundamentals, sentiment, seasonality, chart patterns, market internals, etc.), and use a variety of respected sources.
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The chart may require you to look at it twice because of its perspective.
Frank Capperlleri uses this chart to highlight an interesting view of the S&P 500 by limiting the time frame to that in which the market has been going sideways – since September or October 2022 (depending on your point of view).
Without seeing the massive market decline that preceded this period, you can clearly see the rhythm of the recent trends, the extent to which it is range bound, and the critical inflection point at which it currently sits.
Will it break out of the range or roll over again?
Click here for 6 additional insightful perspectives on the stock market’s current condition and likely direction, so you can consider Tuesday’s market drop and future market moves with important context.
Plus, discover access to your new “What’s Hot and What’s Not” market insight.
If you would like personal guidance and hands-on management of your assets with the assistance of tactical, risk-managed, strategies, please contact me at [email protected] or Keith at [email protected].