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Equity Clock - Market Outlook for November 8, 2022
Dow Jones Industrial Average attempting to push above a cloud of resistance presented by major moving averages during its period of seasonal strength.
*** 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 kicked off the new week with a gain as investors position ahead of the US midterm election on Tuesday and the highly scrutinized inflation report on Thursday. The S&P 500 Index closed with a gain of just less than one percent, continuing to bounce from its rising 20-day moving average and intersecting with its declining 50-day moving average. Momentum indicators continue to show a positive divergences compared to price, although signs of rollover remain with MACD bordering on a sell signal, should it cross below its signal line. A number of points of resistance presented by declining major moving averages persists overhead, threatening to cap any near-term advance, however, seasonality provides the leeway for a positive bias of stocks into year-end. Our focus are on those groups of the market that are identified with an Accumulate rating (list presented to subscribers below) according to our weekly chart books as these are the segments that are and will attract sustained buying demand into year end.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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