Equity Clock

Stock Market Outlook for December 30, 2020

Stocks have not been this vulnerable since the end of 2007.

 

 

 

*** 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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Sturm Ruger & Co., Inc. (NYSE:RGR) Seasonal Chart

ENSERVCO Corp. (AMEX:ENSV) Seasonal Chart

Whiting Petroleum Corp (NYSE:WLL) Seasonal Chart

Mackinac Financial Corp. (NASD:MFNC) Seasonal Chart

BlackRock Science and Technology Trust (NYSE:BST) Seasonal Chart

Invesco S&P 500 Pure Growth ETF (NYSE:RPG) Seasonal Chart

 

 

The Markets

Stocks closed marginally lower on Tuesday as portfolio managers conducted their final re-allocations ahead of the end of the year.  The S&P 500 Index shed just over two-tenths of one percent, remaining above the upside gap that was opened in the prior session.  Support at the rising 20-day moving average remains intact, while intermediate downside risks remain to the rising 50-day moving average at 3573.  At the highs of Tuesday’s session, the large cap benchmark got within 50-points of our upside target of 3800 that we suggested by the start of the new year.  The forecast is a simple calculation derived from the breakout of the 300-point range between 3200 and 3500.  There is nothing, as of yet, to suggest that this target will not be achieved, but we do have to acknowledge that, in our business, the intraday high of 3756 is close enough to be a bull’s-eye for our forecasted target.  Momentum indicators continue to show characteristics of a bullish trend.

Want to know which areas of the market to buy or sell?  Our Weekly Chart Books have just been updated, providing a clear Accumulate, Avoid, or Neutral rating for currencies, cryptocurrencies, commodities, broad markets, and subsectors/industries of the market.  Subscribers can login and click on the relevant links to access.

• Currencies
• Cryptocurrencies
• Commodities
• Major Benchmarks
• Sub-sectors / Industries

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Today, in our Market Outlook to subscribers, we discuss the following:

• Signs of investor complacency and the warning
• US Home Prices
• Shipping activity and the impact on Transportation stocks

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Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.78.

 

 

Seasonal charts of companies reporting earnings today:

• No significant reports scheduled for today

 

S&P 500 Index

 

 

TSE Composite

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