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Equity Clock - Market Outlook for February 21, 2023
A shift in the trajectory of delinquencies at the end of last year is hinting of negative implications for employment and the broader economy.
*** 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 closed generally lower on Friday as investors weigh the risk of further rate hikes against the better than expected economic datapoints for the month of January. The S&P 500 Index closed down by just less than three-tenths of one percent, ending below the rising 20-day moving average for the first time since the start of January as the short-term path of the benchmark starts to show tangible signs of struggle. Momentum indicators for the large-cap benchmark remain on a sell signal following the prior week’s bearish crossover of MACD below its signal line, highlighting the waning buying demand for stocks around the pivotal 4100 level. A neutral view of the trajectory of this important gauge of stocks remains appropriate as we progress through what is typically a weaker time of year for risk through the month of February.The S&P 500 Index tends to decline between now and the start of March and signs of a short-term topping pattern gives the bias toward the fulfilment of this seasonal pattern before the sustained period of strength for stocks begins in March. Major moving averages between 3900 and 4000 remain in a position to catch the benchmark upon a retracement lower and the catalyst to shift from a neutral viewpoint on the technical front would materialize should the aforementioned span break.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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