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Equity Clock - Market Outlook for November 23, 2022
Ratio of Gold Miners relative to the Gold fund moving above a bottoming pattern ahead of the period of seasonal strength for the precious metal.
*** 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 rallied on Tuesday as the typical positivity that surrounds the US Thanksgiving holiday week materializes on cue. The S&P 500 Index jumped higher by 1.36%, closing marginally above the psychologically important 4,000 level and starting to fulfill the upside potential suggested of the bull-flag pattern that was profiled in our last report. The short-term trend remains positive, supported by the rising 20-day moving average, and longer-term moving averages, such as the 50 and 100-day, are starting to feel the lift from this recent appreciation of prices. Declining trendline resistance around 4100 and the 200-day moving average at 4062 are seen as the near-term hurdles, potentially giving stocks a pause through the first half of December. So far, the gyrations are all coinciding very well with seasonal norms, whether looking at how stocks perform during a mid-term election year or any given year, and the average path would suggest that the next digestion phase will be felt in the in the days leading up to the next FOMC meeting on December 13/14. For now, remain with a positive bias of stocks during this seasonally favourable time of year into the start of December and then we can look to regroup again for another digestive phase during the first half of December.At the end of last week, we added to our risk exposure in the Super Simple Seasonal Portfolio for the positivity in the market that is presently being realized.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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