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Equity Clock - Market Outlook for February 7, 2024
The trade deficit in the US continues to narrow, a phenomenon akin to past economic recessions.
*** 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 drifted generally higher on Tuesday as yields and the dollar saw a reprieve from their recent strength. The S&P 500 Index added just less than a quarter of one percent, holding just below last week’s high. An ultra short-term bull flag pattern can be picked out on the chart, the upside resolution of which would easily fulfill the 5,000 target that we have been expecting as part of the pull towards the psychologically important level through the period of strength that is normal for the equity market during the first half of February. Short-term support can continue to be pegged at the rising 20-day moving average (4852) as momentum indicators continue to show characteristics of an intermediate-term bullish trend.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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