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Equity Clock - Market Outlook for December 23, 2022
The drawdown of Natural Gas inventories attributed to the start of heating season remains far less than what is average for this time of year, bearish for the price of the commodity.
*** 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
The grinches appear to be interjecting with the traditional holiday positivity that surrounds this time of year, sending stocks sharply lower during the Thursday session. The S&P 500 Index closed with a loss of 1.45%, erasing the prior days gains and confirming the recently broken 50-day moving average and previous horizontal support at 3900 as a point of resistance. The more formidable threat remains long-term declining trendline resistance overhead, just above 4000, which has capped each rally attempt this year and continues to show signs of doing so again following the October/November strength. The technicals certainly appear threatening and there is very little on the fundamental side that we can point to as reason to be optimistic, other than the fact that our coincident indication of economic activity has yet to trigger a recession call, yet.Still, at this time of year, it is often a fools errand to bet against the market during the weeks that surround the end of year holidays given the positivity that typically gives reprieve to selling pressures, even during the most negative years (eg. 2001, 2002, and 2009).A long lower-wick candlestick charted during the Thursday session and indications of short-term waning downside momentum provides hints that the bearish conviction heading into the holidays is not as strong as what sentiment suggests, which could still allow for that end of year lift in equity prices. November’s upside gap between 3770 and 3860 continues to be viewed as the logical zone to support this end of year gyration.
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Seasonal charts of companies reporting earnings today:
No significant earnings scheduled for today
S&P 500 Index
TSE Composite
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