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Equity Clock - Market Outlook for November 30, 2022
A major test for the trend of the market is underway as treasury yields reach back to long-term rising trendline support.
*** 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 mixed on Tuesday as investors wait for important economic datapoints on the labor market in the days ahead, as well as comments from Fed Chair Jerome Powell on Wednesday. The S&P 500 Index slipped by just less than two-tenths of one percent, peeling back to a confluence of major moving averages that had been broken in recent weeks. The declining 200-day moving average around 4050 remains the significant threat overhead, creating caution amongst market participants that remain cognizant of the long-term negative path of the benchmark. There is a good probability that the short-term rising trend stemming from the October low is maturing, but a number of short-term setups remain favourable to support the large-cap benchmark into year end, including a bull flag pattern.Horizontal support at 3900 remains an important pivot point, above which optimism is warranted that some of these positive short term setups will be fulfilled during what is another period of strength for stocks through the end of December.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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