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Equity Clock - Market Outlook for December 2, 2022
Treasury yields are breaking levels of long-term rising trendline support as we near the point where overweighting bonds over stocks is likely to become appropriate.
*** 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 Thursday as investors wait for the results of the monthly non-farm payroll report slated to be released on Friday. The S&P 500 Index closed down by a mere tenth of one percent after reaching up and testing long-term declining trendline resistance around 4100 intraday. Heading into the pivotal employment report, the benchmark remains supported by a confluence of major moving averages (20, 100, and 150-day) just above horizontal support at 3900 and attempts to hold support at the now broken 200-day moving average are being made. Momentum indicators continue to trend higher following their end of September lows and characteristics of a bullish trend continue to be adopted above their middle lines. Short-term bullish setups continue to point to an upside target of 4200.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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