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Equity Clock - Market Outlook for December 22, 2022
Wednesday’s put-call ratio ended at the highest level since March of 2020, highlighting an extreme bearish bias that persists in this market, typically a contrarian indicator.
*** 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 rallied on Wednesday as the selling pressures attributed to the tax loss selling/portfolio rebalancing period alleviate and the Santa Claus rally period gets underway now that traders are starting to step away from their desks for the end of year holidays. The S&P 500 Index closed higher by 1.49%, recovering from short-term oversold territory and moving back to levels around the recently broken 50-day moving average. Minor resistance is directly overhead around 3900 with the more formidable threat presented by declining trendline resistance around 4050. November’s upside gap between 3770 and 3860 continues to be viewed as the logical zone to support to the Santa Claus rally period that is now showing signs of getting underway. The positive trajectory attributed to this year-end phenomenon typically runs through the first few days of the new year, providing relief to the negativity that is normal through the first half of the month. The fundamentals and the technicals to this market continue to appear threatening, but there is still no reason, as of of present, to suggest that this end-of year gyration will not play out.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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