Stock Market Outlook for November 29, 2023
The trend of shipping activity in the US continues to get worse.
*** 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 China ETF (NASD:MCHI) Seasonal Chart
Goodfellow, Inc. (TSE:GDL.TO) Seasonal Chart
iShares Silver Trust (NYSE:SLV) Seasonal Chart
iShares MSCI Germany Small-Cap ETF (AMEX:EWGS) Seasonal Chart
Community Health Systems (NYSE:CYH) Seasonal Chart
Highwoods Properties, Inc. (NYSE:HIW) Seasonal Chart
Ur-Energy, Inc. (TSE:URE.TO) Seasonal Chart
Secure Energy Services Inc. (TSE:SES.TO) Seasonal Chart
Precision Drilling Corp. (TSE:PD.TO) Seasonal Chart
iShares MSCI Emerging Markets ETF (NYSE:EEM) Seasonal Chart
Canadian Natural Resources Ltd. (TSE:CNQ.TO) Seasonal Chart
Stryker Corp. (NYSE:SYK) Seasonal Chart
Invesco DB Base Metals Fund (NYSE:DBB) Seasonal Chart
Global X Copper Miners ETF (NYSE:COPX) Seasonal Chart
iShares Core Aggressive Allocation ETF (NYSE:AOA) Seasonal Chart
Archer Daniels Midland Co. (NYSE:ADM) Seasonal Chart
McEwen Mining Inc. (NYSE:MUX) Seasonal Chart
Hudson Technologies, Inc. (NASD:HDSN) Seasonal Chart
The Markets
Stocks closed fairly mixed on Tuesday as traders start to show their hesitation heading into the traditional tax-loss selling period. The S&P 500 Index closed with a gain of a tenth of one percent, continuing to wobble around a seemingly pivotal 4550 level. The hurdle aligns with the downside open gap that was charted at the start of August when the benchmark started its third quarter slide and it seems to be lining up to be level level to start the tax-loss selling period digestion. The Relative Strength Index (RSI) continues to roll over from overbought territory and the MACD histogram continues to narrow, both highlighting the near-term waning buying pressures heading into the softer period for equity market performance on the calendar. Support remains plentiful below, including open levels of gap support and major moving averages, which are slated to keep the more intermediate term rising path intact heading towards the Santa Claus rally period at year-end.
Today, in our Market Outlook to subscribers, we discuss the following:
- Rebound of the Canadian Dollar and Japanese Yen from significant support
- Shipping activity and transportation stocks
- US Home Prices
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Sentiment on Tuesday, as gauged by the put-call ratio, ended around neutral at 0.97.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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