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Equity Clock - Market Outlook for November 15, 2022
Major benchmarks are testing resistance at their summer highs, a logical point for near-term digestion before the next period of seasonal strength begins.
*** 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 closed lower on Monday as investors took a breather following the sharp rally that was realized last week. The S&P 500 Index closed lower by nine-tenths of one percent, peeling back towards recently broken horizontal resistance at 3900. Major moving averages are gradually feeling the pull of last week’s upside breakout with the 50 and 100-day moving averages starting to join the 20-day with a positive slope. The short-term trend is deemed to be positive, supported by the rising 20-day moving average, with an upside target suggested by a cup-and-handle pattern pointing to 4200. Momentum indicators are attempting to shake off their bearish characteristics that have been maintained over the past few months and are moving above their middle lines for the first time since August. The technicals are still providing plenty to be encouraged of, but a near-term digestion of the recent strength is viewed as likely before the next seasonal uptick in the market is realized.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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