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Equity Clock - Market Outlook for November 25, 2022
A spike in jobless claims in the past week provides reason for concern, but not necessarily reason for panic, yet.
*** 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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Note: There will be no Market Outlook released on Thursday November 24th given the US Market closure attributed to the Thanksgiving Holiday. Happy Thanksgiving to our US audience!
The Markets
Stocks closed higher in the pre-Thanksgiving session as market participants digested the minutes from the last FOMC meeting. The S&P 500 Index added another six-tenths of one percent, making further progress above psychological resistance around 4000. Major resistance at the declining 200-day moving average is directly overhead around 4060, followed by declining trendline resistance around 4100. The target of a cup-and-handle bottoming pattern continues to point to an upside objective of 4200, a hurdle that has marked horizontal support and resistance earlier this year. Momentum indicators continue to point higher, relinquishing their bearish characteristics that dominated through much of this year. The positivity that surrounds the US Thanksgiving holiday typically stretches into the month of December, at which point the next digestive phase attributed to end of year portfolio rebalancing/tax-loss selling begins. We continue to sit with our increased risk exposure in the Super Simple Seasonal Portfolio that was implemented at the end of last week, but we remain willing and able to adjust should conditions warrant beyond this seasonally upbeat timeframe.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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