Stock Market Outlook for November 17, 2022
*** 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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Renaissance International IPO ETF (AMEX:IPOS) Seasonal Chart
iShares Emerging Markets Local Currency Bond ETF (AMEX:LEMB) Seasonal Chart
iShares MSCI China ETF (NASD:MCHI) Seasonal Chart
Aberdeen Standard Physical Palladium Shares ETF (NYSE:PALL) Seasonal Chart
First Trust NASDAQ Clean Edge Green Energy Index Fund (NASD:QCLN) Seasonal Chart
Schwab International Small-Cap Equity ETF (NYSE:SCHC) Seasonal Chart
First Majestic Silver Corp. (TSE:FR.TO) Seasonal Chart
Gray Television, Inc. (NYSE:GTN) Seasonal Chart
Sherritt Intl Corp. (TSE:S.TO) Seasonal Chart
The Markets
Stocks closed lower on Wednesday as the market starts to digest the gains that were achieved over the past week. The S&P 500 Index closed lower by just over eight-tenths of one percent, rolling over below psychological resistance around 4000 and closing back at last Thursday’s high that followed the abrupt surge in buying demand amidst a tamer than expected read of inflation for October. The benchmark remains in a short-term rising trend, supported by its rising 20-day moving average. The 50 and 100-day moving averages continue to feel the pull from last week’s breakout, starting to curl higher to provide support to an intermediate move higher in the market into year-end. Momentum indicators continue to trend positive from their oversold lows charted in October and, gradually, characteristics of a bearish trend are being alleviated as they move above their middle lines. A big hurdle for this current period of digestion will be the range between 3850 and 3900, a span that defined previous resistance and is now being looked upon as support. Assuming this span holds, the support is present for the notorious Santa Claus rally in stocks that typically plays out into year-end.
Today, in our Market Outlook to subscribers, we discuss the following:
- The ongoing decline in high yield spreads
- Gauges of market breadth
- US Retail Sales and the struggle of retail stocks (XRT)
- US Industrial Production
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for November 17
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Sentiment on Wednesday, as gauged by the put-call ratio, ended bearish at 1.22.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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