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Equity Clock - Market Outlook for November 3, 2022
Short-term rising trend of the S&P 500 Index stemming from the mid-October low has been broken.
*** 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 flipped sharply lower on Wednesday as the market interpreted the comments from Fed Chair Powell following the latest FOMC meeting as being hawkish and that the Fed is still positioned to aggressively fight persistent inflationary pressures through ongoing monetary policy tightening. The S&P 500 Index closed down by 2.50%, turning lower from resistance at the declining 100-day moving average and slicing back below its 50-day that attempted to hold support coming into this week. The benchmark is now reaching back towards short-term support at its 20-day moving average at 3730. Momentum indicators are showing signs of rolling over following the recent rebound from the mid-October low, threatening a sell signal in the days ahead.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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