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Equity Clock - Market Outlook for November 21, 2022
The risk to the overwhelming positive bias for stocks suggested of pre-election years remains the onset of an economic recession.
*** 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 higher to end the week as investors start to neutralize negative bets in front of the holiday shortened week ahead. The S&P 500 Index added just less than half of one percent, charting a rather indecisive doji candlestick as it attempts to hold horizontal support at 3900. So long as this hurdle is maintained as support, its is difficult to maintain a negative bias into the seasonally positive timeframe ahead. The benchmark remains in a short-term rising trend, supported by the 20-day moving average, which is now converging on longer-term moving averages at the 100 and 200-day. Declining trendline resistance at 4100 looms overhead, however, a cup-and-handle bottoming pattern just below 3900 projects an upside target towards 4200.While the risk of seeing a runaway market through the end of the year is rather low given the threat that levels of resistance are imposing overhead, this market still has the ability to surprise and to see some of these hurdles violated before the next intermediate peak is realized.Continue to scrutinized the zone of support that we have been highlighting between 3850 and 3900 and hold a positive bias of stocks through the period of seasonal strength for stocks into year ahead so long as the benchmark remains above this span.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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