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Equity Clock - Market Outlook for December 9, 2022
While the trend of COVID cases in the US appears to have become derailed from seasonal norms for respiratory illnesses, influenza is quickly taking over.
*** 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 drifted higher on Thursday as major benchmarks rebounded from oversold lows charted in recent days. The S&P 500 Index closed with a gain of three-quarters of one percent, managing to keep the confluence of support just above 3900 intact. The benchmark has been burdened so far in December by declining trendline resistance, now hovering around 4050, a declining hurdle that just about every market participant is watching and ready to hold as culprit for the next leg lower in stocks. Seasonal tendencies, however, a poised to put up a good fight to support this market, once we move beyond the normal tax-loss selling period during the first half of December. MACD remains on a sell signal that was triggered on Tuesday and the Relative Strength Index has found itself below rising trendline support. The technicals of the market are suggesting that stocks are top heavy at the present time, but, with seasonality nearing the point at which it flips positive for the notorious Santa Claus rally period, the bears may be hesitant about pressing their shorts until the new year or until a negative catalyst materializes. Next catalyst to watch is November’s Producer Price Index, providing an updated look at the state of inflationary pressures in the economy.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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