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Equity Clock - Market Outlook for December 1, 2022
Over the past two decades, the S&P 500 Index has averaged a gain of 0.9% in December with 70% of periods closing higher.
*** 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 surged higher on Wednesday following signals that the Fed would be less aggressive in its monetary policy tightening path moving forward. The S&P 500 Index rebounded from recent weakness to close higher by an impressive 3.09%, moving above the 200-day moving average for the first time since March. In an instant, the benchmark has closed the downside open gap that was charted in September between 4037 and 4083, a zone that presented significant resistance over the past 12 weeks. Declining trendline resistance just below 4100 is now the test, a hurdle that will either make or break the declining path the benchmark has been on this year.As has been highlighted in recent reports, short-term bullish setups presented by way of a bull-flag and a cup-and-handle pattern projects an upside target to 4200, which, if realized, would see declining trendline resistance violated.Horizontal support at 3900 and the convergence of moving averages (eg. 20, 100, and 150-day) just above the horizontal hurdle present a solid point of support to the ongoing rising short-term trend heading into another seasonally strong month of December.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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