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Equity Clock - Market Outlook for December 13, 2022
The action of the Volatility Index on Monday is reminiscent of the last major short-term peak in the equity market that was charted in August.
*** 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 climbed higher on Monday as investors trimmed bearish bets ahead of a couple of important market catalysts that are expected in the days ahead. The S&P 500 Index closed with a gain of 1.43%, closing back at its 20-day moving average that was broken last week. This type of action is all too typical going into an uncertain market event as traders pin price to an important moving average, expressing their neutral bias going into the potential catalyst. The short-term moving average is starting to feel the pull of last week’s breakdown and early signs of rollover is apparent in what could be further proof that the short-term rising trend of stocks has come to an end. Price action continues to narrow between declining trendline resistance around 4050 and horizontal support around 3900. A break, one way or the other, is expected before the end of the year.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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