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Equity Clock - Market Outlook for October 24, 2022
The ratio between the High yield and Investment Grade Bond ETFs has broken above multi-year resistance as credit conditions improve compared to the strains realized at the end of the second quarter.
*** 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 rallied on Friday as the market started to speculate that rates may start to pause now that treasury yields have reached close proximity of the Fed Funds target by the end of the year. The S&P 500 Index jumped by 2.37%, bouncing from its 20-day moving average that was broken earlier in the week. The benchmark is now on track to test its declining 50-day moving average that hovers just below 3900. A short-term head-and-shoulders pattern can start to be identified with the neckline to the bullish setup coming in around 3750. A break of this limit would project a 150-point move higher, which would get the benchmark back to that intermediate hurdle at the 50-day moving average. What the benchmark does with this intermediate level of resistance will be highly scrutinized as logic suggests that using the declining hurdle as a level to sell into remains the appropriate course of action until the path of the intermediate trend shifts back positive. Momentum indicators continue to show a positive divergences versus price, which indicated waning selling pressures ahead of the strong Friday session.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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