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Equity Clock - Market Outlook for August 8, 2022
Both Canada and the US recorded a sharp drop in employment in July, one better than average, the other worse.
*** 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 drifted lower following the release of the nonfarm payroll report for July, which reiterated that the Fed has the ticket to continue on its aggressive tightening path. The S&P 500 Index closed lower by less than two-tenths of one percent, continuing to show reaction to the May highs and horizontal resistance at 4170. Momentum indicators are showing early signs of rolling over as the upward trajectory stalls at this pivotal point in the intermediate path of lower-lows and lower-highs. Short and intermediate moving averages are increasingly pointing higher, defining positive short and intermediate term trends and providing points of support should a retracement into the middle of August commence. Any revelation of a higher intermediate low above the June bottom would be viewed as a bullish outcome for the market as it sets aside the declining path that it has been in since the year began.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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