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Equity Clock - Market Outlook for February 8, 2023
With a good chunk of earnings season now complete, some companies are clearly still growing while others are not. We have been Accumulators of the former.
*** 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 gained on Tuesday following remarks from Fed Chair Jerome Powell, who indicated that the disinflationary process has begun. The S&P 500 Index closed with a gain of 1.29%, bouncing off of last week’s breakout point at 4100 and erasing much of the loss recorded in recent sessions. The bounce from the important pivot point at 4100 starts to define this zone as support, critical to keeping the rising trend of the benchmark from its October lows intact. An intermediate-trend of higher-highs and higher-lows is being attempted and the appearance of a cup-and-handle could provide upside implications of 500-points above last week’s breakout point. The 20 and 50-day moving averages continue to maintain positive slopes, defining rising trends over short and intermediate-term timeframes. The price action has quickly alleviated much of the negative framework that technical analysts have been concerned of over the past year.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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