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Equity Clock - Market Outlook for December 5, 2024
A notable shift has become apparent in the market early into December as investors show renewed optimism towards growth and shy away from value.
*** 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
The relentless buying demand in the equity market continues as growth stocks attract renewed attention. The S&P 500 Index gained just over six-tenths of one percent, charting a fresh record closing high and continuing to hold above support at the 20-day moving average (5977). Wednesday’s price action provided a jolt to short-term momentum in the market, fuelling a jump from the rising trendline stemming from the November 19th double-bottom support at 5850; a trend of higher-highs and higher-lows remains. On a intermediate-term scale, there remains greater evidence of support than resistance, presenting the desired backdrop for strength that is normally realized in the market at year-end. Major moving averages are all pointed higher and momentum indicators continue to gyrate above their middle lines, providing characteristics of a bullish trend. Our list of candidates in the market to Accumulate and to Avoid remains well positioned to benefit from the strength that is filtering into the market at this seasonally strong time of year, but we will scrutinize whether any changes are required 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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