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Equity Clock - Market Outlook for January 18, 2023
Despite the rise in equity prices to start the year, investors are still expressing their scepticism.
*** 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 closed mildly lower on Tuesday following the release of disappointing earnings from Dow component Goldman Sachs. The S&P 500 Index closed down by two-tenths of one percent, remaining below the highly scrutinized declining level of trendline resistance around 4000. Momentum indicators, while still pointed higher, are providing early signs of upside exhaustion as the market looks to take its cue based on which side of declining trendline resistance that the benchmark settles around as we progress through earnings season. The index remains supported at November’s upside gap between 3770 and 3860 and the intermediate 50-day moving average continues to point higher, suggestive of a positive intermediate path.
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Sectors and Industries entering their period of seasonal strength:
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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