Stock Market Outlook for December 22, 2022

Stocks Entering Period of Seasonal Strength Today:
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SPDR S&P Emerging Markets ETF (AMEX:SPEM) Seasonal Chart

Nuveen Real Estate Fund (NYSE:JRS) Seasonal Chart

Japan Equity Fund, Inc. (NYSE:JEQ) Seasonal Chart

Western Asset High Income Opportunity Fund Inc. (NYSE:HIO) Seasonal Chart

First Trust ISE ChIndia Index Fund (NYSE:FNI) Seasonal Chart

iShares Canadian Government Bond Index ETF (TSE:XGB.TO) Seasonal Chart

iShares Canadian Corporate Bond Index ETF (TSE:XCB.TO) Seasonal Chart

Mag Silver Corp. (TSE:MAG.TO) Seasonal Chart

Dream Office Real Estate Investment Trust (TSE:D/UN.TO) Seasonal Chart

iShares S&P/TSX Capped Energy Index ETF (TSE:XEG.to) Seasonal Chart

Sprott Physical Gold and Silver Trust (AMEX:CEF) Seasonal Chart
The Markets
Stocks rallied on Wednesday as the selling pressures attributed to the tax loss selling/portfolio rebalancing period alleviate and the Santa Claus rally period gets underway now that traders are starting to step away from their desks for the end of year holidays. The S&P 500 Index closed higher by 1.49%, recovering from short-term oversold territory and moving back to levels around the recently broken 50-day moving average. Minor resistance is directly overhead around 3900 with the more formidable threat presented by declining trendline resistance around 4050. November’s upside gap between 3770 and 3860 continues to be viewed as the logical zone to support to the Santa Claus rally period that is now showing signs of getting underway. The positive trajectory attributed to this year-end phenomenon typically runs through the first few days of the new year, providing relief to the negativity that is normal through the first half of the month. The fundamentals and the technicals to this market continue to appear threatening, but there is still no reason, as of of present, to suggest that this end-of year gyration will not play out.
Sentiment on Wednesday, as gauged by the put-call ratio, ended extremely bearish at 1.67.Today, in our Market Outlook to subscribers, we discuss the following:
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- The leadership group that is emerging for the Santa Claus rally period and how we are positioning for it
- Another prediction of what to expect of the market in 2023
- US Existing Home Sales
- Canada Consumer Price Index (CPI)
- Investor Sentiment





S&P 500 Index


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