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Equity Clock - Market Outlook for January 3, 2023
Over the past 20 years, the S&P 500 Index has averaged a decline of 0.3% in the month of January with only 45% of periods ending with a gain.
*** 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 struggled in the final session of 2022, providing a fitting close to what has been a disappointing year for equity investments, overall. The S&P 500 Index closed with a loss of a quarter of one percent, remaining within the consolidation range that has been carved out over the past couple of weeks just below the 50-day moving average and horizontal resistance at 3900. Momentum indicators continue to show signs of short-term downside exhaustion as MACD once again converges on its signal line. It was on December 6th that MACD generated a sell signal by crossing below its signal line. The 20-day moving average continues to curl lower, defining a negative trend on a short-term timescale, however, the 50-day moving average, more indicative of the path of the intermediate trend, is still pointed higher. The two moving averages are converging on one another at aforementioned horizontal resistance at 3900. November’s upside gap support between 3770 and 3860 has done an effective job keeping the large-cap benchmark stable during this seasonally strong time of year, but we have yet to observe upside follow-through more aligned with might be expected of this holiday influenced timeframe. There is still a few more days left in the Santa Claus Rally period, but the timeframe is becoming limited.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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