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Equity Clock - Market Outlook for November 9, 2022
Global equity ETFs are breaking above levels of declining trendline resistance, attempting to move beyond their trends of lower-lows and lower-highs.
*** 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 elevated into Tuesday’s close as market participants show a bias towards Republican wins when the votes are tallied in the mid-term election. The S&P 500 Index closed with a gain of just less than six-tenths of one percent, charting a rather indecisive doji candlestick pattern above its declining 50-day moving average. Short-term support remains intact around the rising 20-day moving average, a pivotal level to start to define the shift of the intermediate declining path of the market. The benchmark continues to hold a range of support between 3600 and 3800, providing the base for the potential end of year strength for the market that is normal. The trend of momentum indicators since the oversold lows in September remainss higher, although MACD is still bordering on a sell signal as the indicator converges on its signal line.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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