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Equity Clock - Market Outlook for August 2, 2024
This is an emerging risk-off market.
*** 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 sold off hard on Thursday following a string of weak economic data, fuelling a dramatic push into risk-off plays as the period of volatility for stocks gets set to stretch its legs. The S&P 500 Index fell by 1.37%, offsetting much of the prior session’s jump and closing the gap that was opened on Wednesday between 5452 and 5493, a zone that was poised to act as support to the near-term elevation in equity markets surrounding month-end. A sharp rejection from short-term resistance at the 20-day moving average (5537) can be seen as pressure is once again placed on intermediate support around the 50-day moving average (5448). Short-term horizontal support can be pegged at 5400, a break of which would have a calculated downside target of 272 points below the fixed level, or to 5128. After curling above the middle line in the previous session, the Relative Strength Index (RSI) can be seen pushing back below the mid-point to its span as characteristics of a bullish trend continue to be lost. As we have been emphasizing, defensive assets and volatility hedges are certainly preferred at this time of year.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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