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Equity Clock - Market Outlook for March 3, 2023
Gasoline product supplied, a gauge of demand, continues to show the strongest percentage increase through the first two months of the year on record, thereby supporting the price of the commodity.
*** 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 bounced higher on Thursday as investors shook off concerns pertaining to rising rates and instead focussed on levels of support below the market, such as the 200-day moving average for the S&P 500 Index. The large-cap benchmark gained just over three-quarters of one percent, charting an outside reversal candlestick around the important long-term support at the 200-day. The index closed at its 50-day moving average, highlighting this recent battle between these two variable hurdles as the bulls and the bears battle for the intermediate to long-term direction of the market. While the outside reversal candlestick provides a sign of resilience around the 200-day, follow through to the upside from Thursday’s action is still required to confirm that the bulls have the upper hand, able support the still rising intermediate path of higher-highs and higher-lows stemming from the October bottom. Momentum indicators are showing earning signs of curling higher as short-term downside pressures fade. Seasonally, a low early to mid March has been the norm over the past two decades, followed by strength that carries stocks higher into the spring.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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