Stock Market Outlook for January 11, 2023
*** 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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Brown-Forman Corp. – Class B (NYSE:BF/B) Seasonal Chart
Kimberly Clark Corp. (NYSE:KMB) Seasonal Chart
Flowers Foods, Inc. (NYSE:FLO) Seasonal Chart
Birchcliff Energy Limited (TSE:BIR.TO) Seasonal Chart
FlexShares Quality Dividend Defensive Index Fund (AMEX:QDEF) Seasonal Chart
The Markets
Stocks pushed higher on Tuesday as investors continue to cover their shorts ahead of the pivotal Consumer Price Index report that is slated to be released on Thursday. The S&P 500 Index closed with a gain of seven-tenths of one percent, edging slightly above the pivotal 3900 level that has acted in a position of a cap for the market benchmark since the middle of December. The benchmark remains supported by November’s upside gap between 3770 and 3860, a hurdle that has opened the prospect to head-and-shoulders bottoming patterns on this benchmark and other indexes across the market. Formidable resistance and the hurdle that everyone has their eye on is the declining trendline that now hovers around 4,000, a hurdle that closely aligns with the declining 200-day moving average. Momentum indicators triggered buy signals at the end of last week with MACD crossing above its signal line.
Today, in our Market Outlook to subscribers, we discuss the following:
- Hourly look at the large-cap benchmark
- The lack of significant buying demand of REITs, despite lower yields over the past couple of months
- US Vehicle Sales and what the trend of heavy truck sales has to say about the health of the business economy
- Tightening lending conditions
- US Factory Orders and what the report has to say about where to invest in the market
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for January 11
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Sentiment on Tuesday, as gauged by the put-call ratio, ended slightly bullish at 0.95.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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