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Equity Clock - Market Outlook for February 9, 2023
Wholesale inventories just showed the first monthly decline since the summer of 2020, a minor point of encouragement that businesses are starting to get a grip on the inventory problem that has flared over the past year amidst waning 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 slipped during the Wednesday session as investors digest the breakout moves of the past week. The S&P 500 Index closed down by 1.11%, consolidating above previous horizontal resistance, now support, at 4100. The cloud of moving averages below the benchmark are gradually turning higher between 3900 to 4000, providing another zone of support to the intermediate-term trend. Just the 200-day moving average is maintaining a negative slope, but the longer that price remains above the important gauge of the long-term trend, the more that it will feel the pull and reverse higher itself. From a technical perspective, it would be very difficult to hold a bearish bias while these levels of significance below are supporting the intermediate-term trend.Momentum indicators are once again showing early signs of rolling over, which could easily result in a shakeout move back to trendline support around 4000, a pullback that would align with the weaker period for the equity market through the back half of February.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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