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Equity Clock - Market Outlook for January 24, 2023
Money managers have neutralized their bullish bets on the US Dollar Index, setting the stage for a retracement higher in the currency benchmark through the end of the first quarter.
*** 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 strengthened to start the new week as investors continue to neutralize negative bets in portfolios given the uncertainty that surrounds earnings and the prospect of a pause in the rate hiking cycle following the next FOMC meeting. The S&P 500 Index closed with a gain of 1.19%, moving marginally above declining trendline resistance that has been threatening stocks for the past year. Support has been confirmed at the 20-day moving average following Friday’s bounce and the declining 200-day moving average is being surpassed. Momentum indicators continue to show a rather neutral look around their middle lines in what has become a rather uncertain look for US equities, overall. Lower-highs on RSI and MACD over the past five months are being offset by higher-lows in what, again, is a rather neutral looking chart. Seasonal tendencies suggest a softer period for equity market performance that runs through the month of February before strength lifts the tape through the spring, therefore there is not too much to be overly aggressive on in domestic risk assets (stocks) from a calendar year timing perspective and we can allow this neutral path to resolve before taking a bet, one way or the other. Fortunately, there are alternatives to domestic equities that are worthy to be invested in.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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