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Equity Clock - Market Outlook for April 27, 2023
Head-and-shoulders topping patterns are becoming abundant across the charts.
*** 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 traded generally lower on Wednesday as the market continues to take down exposure to core-cyclical assets in preparation for the threat of the onset of an economic recession. The S&P 500 Index closed lower by just less than four-tenths of one percent, continuing to roll over from overhead resistance between 4100 and 4200. As highlighted in our last report, a MACD sell signal has now been triggered as momentum indicators continue to profile a market that lacks upside enthusiasm. The benchmark is currently reaching into the range of moving averages between 3950 and 4050, searching for a point of support to stem the tide of selling pressures that has bubbled up in the riskiest, most economically sensitive segments of the market (eg. energy, industrials, materials, financials) in recent sessions.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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