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Equity Clock - Market Outlook for October 18, 2023
Shares of NVIDIA are carving out a head-and-shoulders topping pattern, but, aside from near-term risks, the technicals for this market leader remain quite positive for the longer-term.
*** 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 little changed on Tuesday as a stronger than expected read of retail sales in the US had investors pushing the cost of borrowing higher in anticipation of further aggression on the part of the Fed ahead. The S&P 500 Index ended lower by less than a point, remaining stuck below resistance at the declining 50-day moving average at 4400. Support can be pegged at the 20-day moving average at 4318. It will be telling of the intermediate direction of the market heading into best six months of the year timeframe which of these hurdle holds, either support below or resistance above. The benchmark is still within this short-term trend of lower-lows and lower-highs, but the risk-reward remains enticing around the band of support between 4100 and 4200.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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