You're receiving this daily market outlook because you are subscribed to Equity Clock. Want to opt-out and only receive the monthly and intraday reports? Simply reply to this email to let us know.
Having trouble viewing this email? View in your browser.
Equity Clock - Market Outlook for October 31, 2022
While everyone starts to discount the long-term potential of the Technology sector, the technicals are still pointing to an ongoing positive trend.
*** 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:
Subscribers – Click on the relevant link to view the full profile. Not a subscriber? Signup here.
This content is exclusive to subscribers of EquityClock.com. Please Log In or Subscribe to proceed.
The Markets
Stocks surged on Friday as a jump in shares of Apple (AAPL) following earnings helped to alleviate the overwhelming negative sentiment that has proliferated in recent days and weeks. The S&P 500 Index closed higher by just less than 2.5%, advancing firmly beyond intermediate resistance at the 50-day moving average and now intersecting with the declining 100-day moving average at 3903. The 20-day moving average remains in a position of short-term support at 3718. Momentum indicators are still pointing higher following the positive divergences that were charted through the middle of October, alerting us to the evidence of selling exhaustion in the market that allowed us to take on greater risk in the portfolio prior to this tremendous move higher in stocks that has now been realized. The strongest time of the year for stocks is underway, but we are not expecting a perfect trajectory higher over the next six months ahead given the degradation in the economy that continues to progress.We are benefitting presently from our increased risk exposure, but we remain willing and able to retrench when and if coincident indicators confirm the onset of a recession, an event that has an increased likelihood of occurring around the start of the new year.
This content is exclusive to subscribers of EquityClock.com. Please Log In or Subscribe to proceed.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
If you wish to be excluded from this distribution, simply reply to this email requesting to have your email removed from our list or click on the following link: **Note: You will continue to have access to our reports so long as your subscription at Equity Clock remains active. To manage your subscription to our service, please visit the Members Section at https://charts.equityclock.com/members.
