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Equity Clock - Market Outlook for August 4, 2023
While the trend of aggregate factory orders remains impressive, consumer goods orders just recorded the weakest first half of the year performance, outside of the pandemic, on record.
*** 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 continued to drift lower on Thursday as the ongoing rise of interest rates pressured prices for the third straight session. The large-cap benchmark has now fallen below and closed beneath the rising 20-day moving average for the first time since May, reflecting the loss of buying momentum that has been observed over the past month. MACD continues to show a divergence versus price, a sign that buying demand has waned at the recent heights. Levels back to June’s breakout point at 4200 are fair game as part of this pullback with other major moving averages providing logical points of reference to support the ongoing positive intermediate trend.The months of August and September are known to be the weakest months on the calendar for stocks, resulting in a spike in volatility in the process, and the price action suggests that this normal gyration is well underway.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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