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Equity Clock - Market Outlook for February 17, 2023
Broad market benchmarks are struggling around last year’s breakdown point as the upside momentum following the recent four month rally wanes.
*** 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 remained in their recent consolidation range as another report on inflationary pressures in the economy pointed to the fact that the unwanted increase in the cost of living has yet to go away. The S&P 500 Index closed down by 1.38%, once again reaching back to short-term support at the 20-day moving average at 4088. Consolidation around the 4100 level continues, resulting in a coiling on the chart that is likely to provide an explosive move, either higher or lower, in the days ahead. A congestion of support around major moving averages at the 50, 100, and 200-day between 3900 and 4000 remain in a position to catch this market should it fall. Seasonal norms point to weakness for the large-cap benchmark between now and the start of March before stocks gain a footing for the runup to the Investment Retirement Account (IRA) contribution deadline in April. MACD remains on a sell signal following Friday’s bearish crossover and a divergence compared to price can be seen, signalling waning buying pressures following the rally in the market over the past four months.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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