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Equity Clock - Market Outlook for November 29, 2022
Margin debt in investment portfolios has fallen by the most on record through the first ten months of the year, lower by a whopping 28.6%.
*** 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 slipped on Monday as traders returned to their desk following the US Thanksgiving holiday and opted to peel back on risk amidst ongoing uncertainties. The S&P 500 Index closed lower by 1.54%, retracing last week’s holiday influenced gain and reaching back towards a confluence of major moving averages around 3900. As highlighted in our last market outlook, resistance around 4030 has become defined as traders show their hesitancy around the declining 200-day moving average, now at 4054. Bull-flag and cup-and-handle patterns remain intact on the chart, bullish setups that present upside potential so long as horizontal support at 3900 is unviolated.Variable support at the rising 20-day moving average also aligns with this horizontal hurdle, making this a highly pivotal point that all traders will want to monitor and set stops accordingly on portfolio positions. Momentum indicators continue to trend higher, relinquishing their characteristics of a bearish trend that had dominated through the first half of the year.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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