You're receiving this daily market outlook because you are subscribed to Equity Clock. Want to opt-out and only receive the monthly and intraday reports? Simply reply to this email to let us know.
Having trouble viewing this email? View in your browser.
Equity Clock - Market Outlook for October 19, 2023
It is difficult to become reasonably assured that a sustainable rally in stocks is ahead during the best six months of the year for the market while interest rates remain on the rise.
*** 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:
Subscribers Click on the relevant link to view the full profile. Not a subscriber? Signup here.
This content is exclusive to subscribers of EquityClock.com. Please Log In or Subscribe to proceed.
The Markets
Stocks tumbled on Wednesday as a new multi-year high in interest rates had investors pulling back. The S&P 500 Index closed with a loss of 1.34%, continuing to feel the rejection from resistance at the declining 50-day moving average close to 4400. The intermediate moving average is working to keep the short-term trend of lower-lows and lower-highs stemming from the July peak intact as we navigate closer to the strongest time of the year for the stock market ahead. The benchmark closed almost precisely at implied short-term support at the 20-day moving average of 4314, but the more significant hurdle to scrutinize remains the band of support between 4100 and 4200. While the intermediate-term risk-reward remains favourable so long as the band of support remains intact, we may have to accept a sluggish trading environment in the near-term while investors digest the earnings reports and gauge the direction of yields.
This content is exclusive to subscribers of EquityClock.com. Please Log In or Subscribe to proceed.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
If you wish to be excluded from this distribution, simply reply to this email requesting to have your email removed from our list or click on the following link: **Note: You will continue to have access to our reports so long as your subscription at Equity Clock remains active. To manage your subscription to our service, please visit the Members Section at https://charts.equityclock.com/members.
