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Equity Clock - Market Outlook for November 26, 2024
Treasury bond yields are pulling back from declining trend-channel resistance, keeping the intermediate-term path that of lower-highs and lower-lows.
*** 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 received lift to start the holiday shortened week as a pullback in yields and the dollar amidst the nomination of Trump’s treasury secretary had investors adding to risk. The S&P 500 Index ended the session up by three-tenths of one percent, continuing to move higher from support at the 20-day moving average (5894). Short-term declining trendline resistance that was formed by connecting the peaks since November 11th has been cracked, opening the door to seeing the intraday all-time high that was charted two weeks ago breached in the near-term. 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
Disclaimer: Comments and opinions offered in this report are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered is believed to be accurate, but is not guaranteed.
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