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Equity Clock - Market Outlook for March 1, 2023
The S&P 500 Index has averaged a gain of 1.0% in the month of March with 60% of periods over the past two decades closing higher.
*** 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 drifted lower in the final session of February as ongoing dollar strength burdened risk assets. The S&P 500 Index closed lower by three-tenths of one percent, slipping back below its rising 50-day moving average. Consecutive long upper and lower-wick candlesticks charted in recent days highlights the tenuous state of the benchmark heading into the new month, a period that investors will be seeking clarity as to the Fed’s next actions.A confluence of support presented by major moving remains in a position to backstop the market in the near-term between 3900 and 4000, a break of which would entertain a much more bearish view of the market, away from the Neutral bias that we continue to maintain. Momentum sell signals remain intact following the bearish MACD crossover charted two and a half weeks ago and the short-term trend is negative, as depicted by the declining 20-day moving average.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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