Stock Market Outlook for November 10, 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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iShares MSCI USA Size Factor ETF (AMEX:SIZE) Seasonal Chart
iShares MSCI Germany Small-Cap ETF (AMEX:EWGS) Seasonal Chart
First Trust Europe AlphaDEX Fund (NASD:FEP) Seasonal Chart
First Trust Long/Short Equity ETF (AMEX:FTLS) Seasonal Chart
Direxion NASDAQ-100 Equal Weighted Index Shares (AMEX:QQQE) Seasonal Chart
Vanguard Mid-Cap Growth ETF (NYSE:VOT) Seasonal Chart
Maple Leaf Foods, Inc. (TSE:MFI.TO) Seasonal Chart
GoDaddy Inc. (NYSE:GDDY) Seasonal Chart
The Markets
Stocks closed lower on Wednesday as a breakdown in the cryptocurrency market and the lack of a “red wave” during Tuesday’s mid-term election had investors pricing in downside risks to the market. The S&P 500 Index slipped by over 2%, closing back below both its 20 and 50-day moving averages. The benchmark continues to trade down from a level of short-term declining trendline resistance, highlighted in our last report, and the rising path of momentum indicators continues to fade. MACD remains on the verge of triggering a sell signal as the technical indicator converges on its signal line. Support in the range of 3600 to 3800 continues to be tested, acting as an important line in the sand for the traditional end of year seasonal strength in equity markets.
Today, in our Market Outlook to subscribers, we discuss the following:
- A look at how the S&P 500 Index has historically performed under a Republican controlled Congress under a Democrat President
- The breakdown of the cryptocurrency market and other risk assets
- Weekly petroleum status report
- Wholesale Inventories
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for November 10
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Sentiment on Wednesday, as gauged by the put-call ratio, ended slightly bearish at 1.01.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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