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Equity Clock - Market Outlook for February 7, 2023
Be bullish of stocks when yields and the dollar are falling and bearish when they are rising.
*** 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 slipped on Monday as rate fears following January’s stronger than average payroll report had investors trimming risk in investment portfolios. The S&P 500 Index slipped by six-tenths of one percent, reaching back to test the recent breakout point at 4100. The large-cap benchmark continues to provide encouraging evidence that it is progressing beyond the declining path of the past year as bearish sentiment gets washed out and levels of former resistance turn into support.But while recent breakouts are a good solid step to reversing this negative trajectory,the more enticing opportunity to become outright accumulators of domestic equities over a sustainable timeframe is when a path of higher-highs and higher-lows, supported by 50-week moving averages, becomes defined. For now, a neutral bias remains desired, but there are still plenty of areas where we can take more of a directional bet, either bullish or bearish (see our weekly chart books for further insight).
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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