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Equity Clock - Market Outlook for December 8, 2022
Bonds are re-adopting a trend of outperformance versus stocks as investors prepare for an economic downturn ahead.
*** 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 marginally lower on Wednesday as investors continue to book profits following the latest rally and execute tax-loss selling trades before portfolio managers step out for holidays in a couple of week’s time. The S&P 500 Index closed lower by just less than two-tenths of one percent, remaining below declining trendline resistance that was tested at the end of last week. A confluence of support around the 100 and 150-moving averages just above horizontal support at 3900 is the test, providing a make-or-break point to the recent short-term trend of higher-highs and higher-lows off of the October bottom. Below the horizontal barrier, support at the the rising 50-day moving average at 3830 is the objective. Momentum indicators triggered sell signals during Tuesday’s session with MACD crossing below its signal line and the relative strength index falling below rising trendline support stemming from the oversold low set in September. The market is likely in the midst of another short-term topping process, but, with the Santa Claus rally period directly ahead, the more appropriate time to readopt a bearish bias of the market is likely around the start of the new year. Seasonally, the first half of December tends to see stocks struggle before they gain a footing for the last half of the month, often associated with the notorious Santa Claus rally period.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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