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Equity Clock - Market Outlook for March 15, 2023
Equity market breadth indicators are once again showing characteristics of a bearish trend.
*** 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 stabilized on Tuesday in a reflux reaction following the sharp downdraft of recent sessions amidst concerns of the onset of a banking crisis. The S&P 500 Index closed higher by 1.68%, remaining below major moving averages. At the highs of the session, the large-cap benchmark reached back to and tested recently broken support at the declining 200-day moving average, a test that had investors selling into the critical long-term hurdle. The long upper-wick candlestick below this hurdle and what is the confluence of major moving averages in the range of 3900 to 4000 appears highly threatening and suggests that the bears have control of the tape. Lower values for the benchmark is the obvious conclusion. Momentum indicators continue to take positions in the lower half of their ranges, which is characteristic of a bearish trend. The critical hurdle to watch on the downside is the December low at 3764; below this, the intermediate trend of higher-highs and higher-lows would no longer be intact, potentially unleashing the next wave of selling pressures as investors seek to contain risk within portfolios.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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