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Equity Clock - Market Outlook for March 8, 2023
Performance of Bank stocks suggesting something concerning for the broader market.
*** 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 sold off sharply on Tuesday as comments from Fed Chair Jerome Powell indicated that interest rates are likely to be higher than previously anticipated given the recent string of stronger than expected economic data. The S&P 500 Index fell by 1.53%, taking a big bite out of last week’s gain and closing back below the rising 50-day moving average at 3994. Resistance at the declining 20-day moving average at 4048 was confirmed in the previous session and the benchmark seems poised to take another swing at implied support around the still declining 200-day moving average at 3940. A confluence of support presented by major moving averages in the range of 3900 to 4000 remains in a position to backstop this market and, until proven otherwise, there is still greater signs of support to this market than there is resistance. The rebound in momentum indicators from the previous session has, quite obviously, taken a pause following Tuesday’s downturn, but, over a longer-term timeframe, a neutral view has remained warranted.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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