Stock Market Outlook for November 28, 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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Global X Uranium ETF (NYSE:URA) Seasonal Chart
Performance Food Group Co. (NYSE:PFGC) Seasonal Chart
Trican Well Service Ltd. (TSE:TCW.TO) Seasonal Chart
Osisko Mining Inc. (TSE:OSK.TO) Seasonal Chart
Excellon Resources, Inc. (TSE:EXN.TO) Seasonal Chart
Moody’s Corp. (NYSE:MCO) Seasonal Chart
BMO Floating Rate High Yield ETF (TSE:ZFH.TO) Seasonal Chart
Invesco MSCI Global Timber ETF (NYSE:CUT) Seasonal Chart
SPDR S&P Emerging Markets Small Cap ETF (NYSE:EWX) Seasonal Chart
SPDR S&P Global Natural Resources ETF (NYSE:GNR) Seasonal Chart
ProShares UltraShort Bloomberg Natural Gas (NYSE:KOLD) Seasonal Chart
Global X Silver Miners ETF (NYSE:SIL) Seasonal Chart
VanEck Vectors Steel ETF (NYSE:SLX) Seasonal Chart
Cambria Global Tail Risk ETF (AMEX:FAIL) Seasonal Chart
Oracle Corp. (NYSE:ORCL) Seasonal Chart
Rio Tinto PLC (NYSE:RIO) Seasonal Chart
B2Gold Corp. (TSE:BTO.TO) Seasonal Chart
McEwen Mining Inc. (TSE:MUX.TO) Seasonal Chart
Continental Resources Inc. (NYSE:CLR) Seasonal Chart
APA Corporation (NASD:APA) Seasonal Chart
The Markets
Stocks closed mixed in the holiday shortened Friday session as traders showed no desire to move the tape in any significant manner. The S&P 500 Index closed lower by a mere point (0.03%), trading within a very narrow range just below the declining 200-day moving average. While the short-term trend is still deemed to be positive, supported by the rising 20-day moving average, a minor point of resistance can be picked out at 4030, a high that was initially charted seven session’s ago on November 15th. Hesitation around long-term resistance at the 200-day moving average is implied, suggesting that the benchmark may need a catalyst to move definitively higher above this hurdle in the near-term. A bull-flag and a cup-and-handle pattern on the chart continues to point to an upside objective of 4200, which, if achieved, would see the violation of both the declining 200-day moving average, as well as declining trendline resistance at 4100. Momentum indicators continue to trend higher, relinquishing the characteristics of a bearish trend that have dominated all year.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly look at the large-cap benchmark
- Stocks increasingly moving and sustaining levels above 200-day moving averages
- Hedge funds are remaining net short this market, despite the rally
- US Petroleum Status and the upcoming seasonal trade in Oil and the Energy sector
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Sentiment on Friday, as gauged by the put-call ratio, ended close to neutral at 0.93.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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