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Equity Clock - Market Outlook for February 2, 2023
Home building stocks have soared during their period of seasonal strength that started in November and now we are looking for the exit following a very profitable trade.
*** 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 jumped on Wednesday as the latest FOMC announcement gave a jolt to the the market to allow it to violate levels of resistance overhead. The S&P 500 Index closed with a gain of 1.05%, moving marginally above the important 4100 level that had acted as a short-term double-top through the month of December. A long-upper wick candlestick above this hurdle, however, left some room for the bears to argue that upside exhaustion around this important hurdle fails to provide the definitive breakout that would be required to start to shift from a neutral bias that had been warranted in recent months. Momentum indicators moved higher, keeping the buy signal that was triggered with respect to MACD at the start of January intact for the time-being. The 50-day moving average is about a session away from crossing above its 200-day moving average, an event that will receive much chatter if and when realized. While the reflux reaction to the FOMC event is producing some encouraging technical signals, the more telling reaction to the fundamental event is typically realized in the days following and with many significant earnings reports scheduled before the week comes to a close, there is still much to keep this market on its toes.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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