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Equity Clock - Market Outlook for November 16, 2022
Waning economic demand continues to take its toll on shipping and manufacturing activity, the trajectories of which point to a recession on the horizon.
*** 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 out a volatile session as headlines crossed the tape that Russia may have fired rockets on NATO ally Poland. The S&P 500 Index ended with a gain of just less than nine-tenths of one percent, charting a rather indecisive doji candlestick around a significant pivot point and psychological hurdle at 4000. In addition to the significance of the round number, the hurdle is just below the downside open gap that was charted in the middle of September between 4030 and 4080, a zone that will provide some supply in the market for the bulls to chew through. The benchmark remains in a short-term rising trend following last week’s breakout above short-term resistance around 3850 and a cup-and-handle pattern targets an upside move toward 4200. A short-term pause/digestion of the recent strength remains desired in order to place the benchmark on a solid footing ahead of the next seasonally strong timeframe surrounding the US Thanksgiving holiday, which is now just over a week away. Momentum indicators are trending higher, moving into the upper halves of their ranges and attempting to define characteristics of a bullish trend.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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