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Equity Clock - Market Outlook for January 27, 2023
The change in the Balance of Payments has increased by the most since the Great Financial Crisis as the US trade deficit contracts amidst the downfall of consumer demand.
*** 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 rallied on Thursday as strength in the Consumer Discretionary and Energy sectors helped to lead the the continued unwind of the negative bias in the market. The S&P 500 Index closed with a gain of 1.10%, starting to move beyond the declining 200-day moving average in the most significant manner since March of last year. Declining trendline resistance has been violated and the next hurdle to watch is December’s short-term double-top at 4100, a level that if definitively violated would break intermediate trend of lower-highs that has been persistent since the start of last year. The 50-day moving average, indicative of the path of the intermediate-term trend, continues to point higher and is poised to cross above its declining 200-day moving average in the days ahead in an event that is known as a golden cross.While the technicals are such that a bearish bias is certainly not warranted, it is difficult to jump on the bull side either, leaving just a neutral view until either the bearish trend re-evolves or the bulls shift the prevailing declining path. Momentum indicators are converging around their middle lines, emphasizing a rather neutral bias.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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