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Equity Clock - Market Outlook for November 22, 2022
A bear-flag pattern on the chart of Bitcoin projects a target back to the pandemic breakout level around 12,500.
*** 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 mildly lower on Monday as a dip in energy shares and ongoing hesitation in growth segments of the market (eg. technology, communication services, consumer discretionary) weighed on border market benchmarks. The S&P 500 Index slipped by four-tenths of one percent, continuing to consolidate above previous horizontal resistance, now support, at 3900. The horizontal hurdle represents the upper bound to a cup-and-handle pattern, a bullish setup that projects an upside target towards 4200. The short-term trend of the benchmark is still deemed to be positive, supported by the rising 20-day moving average. Momentum indicators are similarly showing a positive slope, attempting to relinquish the characteristics of a bearish trend that have plagued the benchmark all year. Declining long-term resistance at the 200-day moving average, as well as trendline resistance at 4100, are the significant hurdles on the upside.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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