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Equity Clock - Market Outlook for July 18, 2023
The below average trend of manufacturer sentiment readings continues into July, suggesting weaker than normal activity at this time of year that typically sees factories shutdown/re-tool.
*** 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 with gains on the day that traditionally marks the average peak to the summer rally timeframe that began in the last week of June. The S&P 500 Index closed higher by just less than four-tenths of one percent, charting a fresh 52-week high. The Relative Strength Index (RSI) has moved back into overbought territory following this mid-year gyration, threatening to exhaust buying demand in the short-term, particularly now that the strongest period of July has concluded. Momentum indicators continue to show characteristics of a bullish trend above their middle lines and moving averages continue to fan out in a bullish manner.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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