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Equity Clock - Market Outlook for August 2, 2022
The market is realizing a sentiment reset following the bearish bias that had become the norm through the first half of the 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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**Note: Due to the Civic Holiday in Canada on Monday (August 1st), our next report will be released on Tuesday**
The Markets
Stocks surged on Friday as investors embraced earnings from Tech titan Apple. The S&P 500 Index closed higher by 1.42%, quickly closing in on horizontal resistance presented by the May high around 4170. Support remains well defined at the 50-day moving average at 3922, a level that is now over 5% below present levels. A short-term stretched condition is becoming implied and we are encroaching on the hurdle that we were looking for a pause/digestion of the recent gains, still as part of a broader bottoming pattern. Momentum indicators are increasingly relinquishing the characteristics of a bearish trend that has plagued the market this year, moving above their middle lines and to the highest levels since November of last year. The backdrop suggests that the intermediate-trend of lower-lows and lower-highs that has been apparent this year is being threatened as investors gravitate back toward those segments of the market that led us lower through the first half.
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Saturday, September 17, 2022 | 3:00 pm – 3:45 pm EDT
Some leading indicators are hinting that we are on the path towards an economic recession, traditionally an ideal time to abandon risk in portfolios. Jon Vialoux will show you what he’s looking at and how to best position your portfolio using seasonal analysis.
Click on the following registration link to book your FREE spot to our presentation: Register Now
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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