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Equity Clock - Market Outlook for July 31, 2023
The economy continues to have a service side tilt as goods producing industries struggle, something that is apparent in both the US and Canada.
*** 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 snapped back to close the week as investors reacted positively to ongoing signs that inflationary pressures in the economy are moderating. The S&P 500 Index closed higher by just short of one percent, trading within the range of the prior session’s reversal range that highlighted upside buying exhaustion. Momentum indicators continue to show signs of rolling over with MACD remaining on a sell signal that was triggered on Thursday. The momentum indicator has been diverging from the direction of price for over a month, indicating waning buying demand around these heights. Support remains firm below at the rising 20-day moving average, a check-back of which is likely as the market enters its period of normal volatility through the months ahead. The summer rally period through the month of July has certainly been impressive, but it is time to step back, at least temporarily, to allow the price action to rest and reset.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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