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Equity Clock - Market Outlook for December 28, 2022
While the technicals of growth stocks continue to look poor, seasonal tendencies suggest that this may not be the area to short through the first half of January.
*** 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 struggled in their post-Christmas holiday session as portfolio managers window dressed their portfolios to eliminate the need to report exposure to beaten down stocks in the Technology and Consumer Discretionary sectors. The S&P 500 Index ended down on the day by four-tenths of one percent, continuing to consolidate below the 50-day moving average and horizontal resistance at 3900. Declining trendline resistance remains threatening just above 4000, representing the upper limit of a declining megaphone pattern, the lower limit of which can be pegged around 3200. Short-term downside momentum following the first half of December weakness continues to show signs of waning and upside gap support between 3770 and 3860 remains in a position to support the near-term potential of the Santa Claus rally period, despite the more ominous setup that projects the continuation of the intermediate to long-term decline. Stocks typically exhibit a positive bias through the first few days of the new year and, while evidence remains overwhelming that the reflux rally higher off of the October low has matured/peaked, we have yet to reach the timeframe when negative bets of equity allocations are appropriate/sustainable.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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