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Equity Clock - Market Outlook for October 24, 2023
Commodity prices showing a strengthening trend, but can the asset class overcome the seasonal headwinds that are normal over the next month and a half?
*** 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 struggled to hold onto gains on Monday, despite a reprieve in the rise of interest rates following comments from recent bond bear Bill Ackman, who noted that he covered his shorts against the asset class. The S&P 500 Index closed down by two-tenths of one percent, ending for a second day below the important 200-day moving average. The horizontal band of support between 4100 and 4200 remains intact below, but a battle is playing out for market control between the bullish and bearish camps. The short-term trend remains that of lower-highs and lower-lows, remaining a threat heading into the band of support and as the market enters the best six months of the year performance. Scrutiny of the 4200 hurdle remains warranted; below this level the argument of favourable risk-reward heading into the end of the year shifts more in favour of the bears.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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