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Equity Clock - Market Outlook for October 23, 2023
Looking at a number of the coincident signals of economic activity, a recession does not seem like an imminent or obvious threat.
*** 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 lower on Friday as investor continue to monitor the rising path of treasury yields and ongoing geopolitical uncertainties. The S&P 500 Index shed 1.26%, inching closer to the band of significant horizontal support between 4100 and 4200.Resistance at the declining 50-day moving average continues to hold firm as the benchmark intersects with the 200-day moving average for the first time since March. While the horizontal band of support holds a higher degree of significance than the 200-day, history tells us that nothing good happens in the market when price is below this long-term hurdle. The benchmark remains in this short-term declining trend of lower-highs and lower-lows, capped by the 50-day moving average, and we are watching closely how resilient this market is around the levels of significance below. Core cyclical sectors of the market, encompassing a number of sectors/industries that have been on our Avoid list for some time, are responsible for the recent market weakness, highlighting diminished risk sentiment as investors seemingly prepare for a tougher backdrop for stocks and the economy ahead.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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