Stock Market Outlook for November 21, 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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SPDR S&P Capital Markets ETF (NYSE:KCE) Seasonal Chart
iShares Core S&P Small-Cap ETF (NYSE:IJR) Seasonal Chart
iShares Micro-Cap ETF (NYSE:IWC) Seasonal Chart
Mohawk Inds, Inc. (NYSE:MHK) Seasonal Chart
Total Energy Services Inc. (TSE:TOT.TO) Seasonal Chart
Allegheny Technologies (NYSE:ATI) Seasonal Chart
Invesco Solar ETF (NYSE:TAN) Seasonal Chart
Enphase Energy Inc. (NASD:ENPH) Seasonal Chart
iShares U.S. Home Construction ETF (NYSE:ITB) Seasonal Chart
Real Estate Select Sector SPDR Fund (NYSE:XLRE) Seasonal Chart
First Quantum Minerals Ltd. (TSE:FM.TO) Seasonal Chart
Teck Resources Ltd. (TSE:TECK/B.TO) Seasonal Chart
Advanced Micro Devices, Inc. (NASD:AMD) Seasonal Chart
The Markets
Stocks closed higher to end the week as investors start to neutralize negative bets in front of the holiday shortened week ahead. The S&P 500 Index added just less than half of one percent, charting a rather indecisive doji candlestick as it attempts to hold horizontal support at 3900. So long as this hurdle is maintained as support, its is difficult to maintain a negative bias into the seasonally positive timeframe ahead. The benchmark remains in a short-term rising trend, supported by the 20-day moving average, which is now converging on longer-term moving averages at the 100 and 200-day. Declining trendline resistance at 4100 looms overhead, however, a cup-and-handle bottoming pattern just below 3900 projects an upside target towards 4200. While the risk of seeing a runaway market through the end of the year is rather low given the threat that levels of resistance are imposing overhead, this market still has the ability to surprise and to see some of these hurdles violated before the next intermediate peak is realized. Continue to scrutinized the zone of support that we have been highlighting between 3850 and 3900 and hold a positive bias of stocks through the period of seasonal strength for stocks into year ahead so long as the benchmark remains above this span.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly look at the large-cap benchmark
- An examination of the performance of the equity market during Pre-Election years and periods under a split congress
- Recession year tendencies for stocks
- US Existing Home Sales
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for November 21
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Sentiment on Friday, as gauged by the put-call ratio, ended slightly bullish at 0.90.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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