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Equity Clock - Market Outlook for November 1, 2023
November is the first of the best six months of the year timeframe for the equity market. The S&P 500 Index has averaged a gain of 1.8% in this second to last month of the year.
*** 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 edged higher in the Halloween session as investors attempt to shake off the jitters pertaining to the threat of a recession and ongoing geopolitical turmoil. The S&P 500 Index closed higher by just less than two-thirds of one percent, continuing to rebound from oversold territory that was charted into the end of last week. Investors continue to make a stand at the significant band of support between 4100 and 4200, attempting to keep the positive intermediate path stemming from last October’s low intact heading into the best six months of the year for stocks that kicks off in a big way in November. Major moving averages remain in a position of resistance overhead, including the 50 and 200-day at 4353 and 4242, respectively. Momentum indicators are starting to curl higher, producing what continues to look like a positive divergence versus price, indicative of waning selling pressures. The risk-reward to accumulating equity exposure around present levels remains highly enticing heading into the seasonally favourable timeframe ahead.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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