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Equity Clock - Market Outlook for November 8, 2024
The fundamentals surrounding the Agriculture are failing to present a backdrop that is enticing to the seasonal trade in the industry through the end 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 continued to drift higher on Thursday as traders invest on the belief that Tuesday’s Republican sweep will fuel a pro-growth economic backdrop in 2025. The S&P 500 Index closed higher by just less than three-quarters of one percent, continuing to move above support at the 50-day average (5720) that was tested at the start of the week. Gap support remains unfilled between Tuesday’s close at 5783 and Wednesday’s open at 5864. On a intermediate-term scale, there remains greater evidence of support than resistance, presenting characteristics of a bullish trend that remains enticing for the strength that is normally realized in the market at year-end. MACD has curled higher above its middle line following the rebound in the past three days, reconfirming characteristics of a bullish trend. The short-term pullback realized at the end of October and into the start of November provided us with an entry point to risk exposure for the strength that is normal of the equity market through the last couple of months of the year and we are now locked into the risk exposure that we desire for this timeframe. We continue to like how our list of candidates in the market to Accumulate and to Avoid is positioned and we will be scrutinizing whether any changes are required in the days/weeks ahead as the price action evolves.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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