Stock Market Outlook for November 22, 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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VanEck Vectors Low Carbon Energy ETF (AMEX:SMOG) Seasonal Chart
Cohen & Steers Quality Income Realty Fund Inc. (NYSE:RQI) Seasonal Chart
Zimmer Biomet Holdings, Inc. (NYSE:ZBH) Seasonal Chart
Cleveland-Cliffs Inc (NYSE:CLF) Seasonal Chart
FreightCar America Inc. (NASD:RAIL) Seasonal Chart
Acadia Pharmaceuticals Inc. (NASD:ACAD) Seasonal Chart
Arrow Electronics Inc. (NYSE:ARW) Seasonal Chart
The Markets
Stocks closed mildly lower on Monday as a dip in energy shares and ongoing hesitation in growth segments of the market (eg. technology, communication services, consumer discretionary) weighed on border market benchmarks. The S&P 500 Index slipped by four-tenths of one percent, continuing to consolidate above previous horizontal resistance, now support, at 3900. The horizontal hurdle represents the upper bound to a cup-and-handle pattern, a bullish setup that projects an upside target towards 4200. The short-term trend of the benchmark is still deemed to be positive, supported by the rising 20-day moving average. Momentum indicators are similarly showing a positive slope, attempting to relinquish the characteristics of a bearish trend that have plagued the benchmark all year. Declining long-term resistance at the 200-day moving average, as well as trendline resistance at 4100, are the significant hurdles on the upside.
Today, in our Market Outlook to subscribers, we discuss the following:
- Bull-flag pattern for the S&P 500 Index and bear-flag pattern for Bitcoin
- Disappointing breadth in the technology sector
- Ratings changes in this week’s chart books: Find out what has been upgraded to Accumulate this week and how to gain exposure via an ETF
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Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.86.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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