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Equity Clock - Market Outlook for December 27, 2022
Our next prediction for 2023: US Dollar strength will return early in the new year, aligning with seasonal and cyclical patterns.
*** 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 clawed their way higher on Friday as the normal positive bias that surrounds the end of year holidays gave reprieve to recent selling pressures. The S&P 500 Index closed with a gain of just less than six-tenths of one percent, remaining within a tight short-term range just below the recently broken 50-day moving average. Minor resistance remains around previous horizontal support at 3900 with the more formidable threat persisting at declining trendline resistance, now around 4025. Momentum indicators remain in decline, although evidence of waning short-term downside momentum is being derived. November’s upside open gap between 3770 and 3860 remains the logical zone of support to the Santa Claus rally period that peaks in the first few days of the new year.
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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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