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Equity Clock - Market Outlook for December 29, 2022
The put-call ratio just printed the highest level in over 25 years, highlighting the increasingly bearish bias that has become ingrained in this market, making it significantly lopsided.
*** 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 again during this notorious Santa Claus rally period as news released intraday indicated that travellers from China are required to show a negative COVID test before entering the US, reigniting concerns of what the impact of this virus will have on economic activity, both here and abroad. The S&P 500 Index closed lower by 1.20%, remaining within a tight consolidation range just below the 50-day moving average and horizontal support at 3900, both of which were broken in recent weeks. A significant convergence of the 20, 50, 100, and 150-day moving averages is becoming apparent at the aforementioned horizontal pivot point at 3900, which further ingrains the sensitivity of this market to this zone across multiple timeframes. The pattern charted over the past month resembles a bear-flag, which proposes a downside target back to the October low around 3500.The technicals heading into the new year continue to look threatening and there is not much on the fundamental side to point to as reason for optimism. The only thing that has prevented us from adopting an outright bearish stance across a broad range of investments is the fact that we remain in this seasonally positive timeframe, a period that tends to be more supportive of stocks than not. The benchmark remains in the zone of November’s upside gap between 3770 and 3860, a span that is keeping the benchmark afloat, for now, but it is becoming increasingly difficult to avoid selling, yet, after benefitting from the rebound in the market from the October low.
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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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