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Equity Clock - Market Outlook for December 6, 2022
The downfall of bank stocks is emphasizing the lack of risk-taking in this market as investors front-run the potential resumption of the bear-market slide.
*** 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 faltered on Monday as the normal tax-loss selling/portfolio rebalancing period through the first half of December gets underway. The S&P 500 Index closed down by 1.79%, pulling back from declining trendline resistance that has capped each rally attempt all year. The benchmark remains supported by a confluence of major moving averages just above 3900 and the short-term rising trend stemming from the mid-October low remains intact. The trend of momentum indicators is higher, but early signs of rollover is apparent as MACD converges on its signal line in what appears poised to amount to an imminent sell signal with respect to the technical indicator. Declining trendline resistance combined with pending technical sell signals certainly elevates the near-term risk of stocks as we navigate through this seasonally weaker half of December.
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Sectors and Industries entering their period of seasonal strength:
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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