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Equity Clock - Market Outlook for February 24, 2023
Amidst unseasonably mild winter temperatures that have limited demand for heating commodities, the percentage withdrawal of Natural Gas in storage this winter has been the smallest since 2006.
*** 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 higher on Thursday as strength in shares of NVIDIA following the release of earnings gave lift to the broader technology sector. The S&P 500 Index gained just over half of one percent, charting a long lower-wick candlestick around rising intermediate support at the 50-day moving average (3980). As has been highlighted in recent reports, a confluence of major moving average between 3900 and 4000 are in positions to provide a backstop to this market as we progress through what is traditionally a weaker timeframe for stocks into the start of March. It would take a definitive break below this zone to warrant a more bearish view of the market and, for now, a neutral stance remains appropriate given the fundamental and seasonal frameworks that are present today. Weakness running into the average low for the large-cap benchmark of early to mid March could setup well for the normal spring ramp in equity prices that peaks in mid to late April, coinciding with the Investment Retirement Account contribution deadline on April 18th.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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