Stock Market Outlook for December 6, 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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Invesco Fundamental High Yield Corporate Bond ETF (NYSE:PHB) Seasonal Chart
VanEck Vectors Uranium+Nuclear Energy ETF (NYSE:NLR) Seasonal Chart
SPDR Barclays High Yield Bond ETF (NYSE:JNK) Seasonal Chart
Holly Energy Partners LP (NYSE:HEP) Seasonal Chart
Uni-Select, Inc. (TSE:UNS.TO) Seasonal Chart
Extendicare Inc. (TSE:EXE.TO) Seasonal Chart
IDEXX Laboratories, Inc. (NASD:IDXX) Seasonal Chart
AltaGas Income Ltd. (TSE:ALA.TO) Seasonal Chart
Hershey Foods Corp. (NYSE:HSY) Seasonal Chart
iShares S&P/TSX Completion Index ETF (TSE:XMD.TO) Seasonal Chart
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (TSE:CDZ.TO) Seasonal Chart
Baxter Intl Inc. (NYSE:BAX) Seasonal Chart
The Markets
Stocks faltered on Monday as the normal tax-loss selling/portfolio rebalancing period through the first half of December gets underway. The S&P 500 Index closed down by 1.79%, pulling back from declining trendline resistance that has capped each rally attempt all year. The benchmark remains supported by a confluence of major moving averages just above 3900 and the short-term rising trend stemming from the mid-October low remains intact. The trend of momentum indicators is higher, but early signs of rollover is apparent as MACD converges on its signal line in what appears poised to amount to an imminent sell signal with respect to the technical indicator. Declining trendline resistance combined with pending technical sell signals certainly elevates the near-term risk of stocks as we navigate through this seasonally weaker half of December.
Today, in our Market Outlook to subscribers, we discuss the following:
- The downfall of bank stocks
- US Dollar Index
- Ratings changes in this week’s chart books: Find out which industries have been added to our list of segments to Accumulate
- US Factory Orders
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for December 6
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Sentiment on Monday, 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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