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Equity Clock - Market Outlook for January 10, 2023
Gold continues to benefit within its period of seasonal strength, but the commodity is still far from confirming a sustainable longer-term move higher.
*** 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 failed to sustain follow-through from Friday’s strength as comments from Atlanta’s Fed President Raphael Bostic poured cold water on the prospect of the easing of monetary policy following recent indications from the services sector that it is in contraction. The S&P 500 Index closed down by just less than a tenth of one percent, unable to hold a breakout above horizontal resistance at 3900 that was achieved intraday. The horizontal hurdle also aligns with 50, 100, and 150-day moving averages in what remains a highly pivotal hurdle for the benchmark to contend with over the short to intermediate-term. The more formidable hurdle is declining trendline resistance that now hovers around 4000. MACD has crossed back above its signal line as of the end of last week, providing a buy signal, but the longer-term path of the benchmark suggests that this may not be the low-risk buy opportunity that has been seen in the past when stocks have rebounded from the lows.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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