Stock Market Outlook for November 29, 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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Equinox Gold Corp. (TSE:EQX.TO) Seasonal Chart
Global X Copper Miners ETF (NYSE:COPX) Seasonal Chart
WisdomTree Emerging Markets SmallCap Dividend Fund (NYSE:DGS) Seasonal Chart
Invesco Global Clean Energy ETF (NYSE:PBD) Seasonal Chart
Invesco S&P 500 High Dividend Low Volatility ETF (AMEX:SPHD) Seasonal Chart
Hudson Technologies, Inc. (NASD:HDSN) Seasonal Chart
Patterson Dental Co. (NASD:PDCO) Seasonal Chart
Stryker Corp. (NYSE:SYK) Seasonal Chart
Canadian Natural Resources Ltd. (TSE:CNQ.TO) Seasonal Chart
Precision Drilling Corp. (NYSE:PDS) Seasonal Chart
Secure Energy Services Inc. (TSE:SES.TO) Seasonal Chart
Blackstone Group Inc. (NYSE:BX) Seasonal Chart
Boston Scientific Corp. (NYSE:BSX) Seasonal Chart
Celanese Corp. (NYSE:CE) Seasonal Chart
McEwen Mining Inc. (NYSE:MUX) Seasonal Chart
The Markets
Stocks slipped on Monday as traders returned to their desk following the US Thanksgiving holiday and opted to peel back on risk amidst ongoing uncertainties. The S&P 500 Index closed lower by 1.54%, retracing last week’s holiday influenced gain and reaching back towards a confluence of major moving averages around 3900. As highlighted in our last market outlook, resistance around 4030 has become defined as traders show their hesitancy around the declining 200-day moving average, now at 4054. Bull-flag and cup-and-handle patterns remain intact on the chart, bullish setups that present upside potential so long as horizontal support at 3900 is unviolated. Variable support at the rising 20-day moving average also aligns with this horizontal hurdle, making this a highly pivotal point that all traders will want to monitor and set stops accordingly on portfolio positions. Momentum indicators continue to trend higher, relinquishing their characteristics of a bearish trend that had dominated through the first half of the year.
Today, in our Market Outlook to subscribers, we discuss the following:
- Short-term double-top for the large-cap benchmark
- Average tendencies for stocks during the month of December
- The decline in Margin Debt
- Upgrades and downgrades in this week’s chartbooks: Find out what groups have been upgraded to Accumulate this week
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Soon to be released…
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Sentiment on Monday, as gauged by the put-call ratio, ended slightly bearish at 1.05.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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