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Equity Clock - Market Outlook for May 10, 2023
While dividend ETFs may seem enticing while the broader market trades sideways, they have some of the most threatening charts in the market as they roll over below their all-time highs.
*** 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 closed generally lower on Tuesday as investors wait for the outcome of debt ceiling negotiations in the US between Republicans and Democrats. The S&P 500 Index ended with a loss of just less than half of one percent, continuing to struggle in the range of resistance between 4100 and 4200. Support remains at the congestion of major moving averages between 3950 and 4050. It is becoming increasingly apparent that the market is in need of a catalyst to either breakout above the 100-point band of resistance or breakdown below the 100-point band of support; until this is seen, the grind continues. Momentum indicators continue to point lower and MACD remains on a sell signal, not providing anything particularly enticing to be aggressively bullish of stocks from a technical viewpoint.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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