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Equity Clock - Market Outlook for December 21, 2022
The Consumer Discretionary sector ETF has broken below the lower limit of a descending triangle pattern, but the more opportune time to short exposure may be following the traditional Santa Claus rally period.
*** 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 edged higher on Tuesday as a reprieve in selling pressures provided hints that the negativity surrounding the front half of December tax-loss selling/portfolio rebalancing period has come to an end. The S&P 500 Index closed with a minor gain of one tenth of one percent, charting a rather indecisive doji candlestick as the benchmark struggles to overcome short-term oversold territory. The benchmark remains in the span of the upside open gap between 3770 and 3860 that was charted early in November, a zone that continues to be looked upon as logical support for the Santa Claus rally period that is now upon us. The more intermediate trend of the market remains that of lower-lows and lower-highs, capped by declining trendline resistance just above 4000, while a minor point of resistance can be pegged around 3900.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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