Stock Market Outlook for December 27, 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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ProShares Ultra VIX Short-Term Futures ETF (NYSE:UVXY) Seasonal Chart
iShares TIPS Bond ETF (NYSE:TIP) Seasonal Chart
iShares 1-3 Year Treasury Bond ETF (NASD:SHY) Seasonal Chart
Western Asset Managed Municipals Fund Inc. (NYSE:MMU) Seasonal Chart
iShares Core MSCI Pacific ETF (AMEX:IPAC) Seasonal Chart
WisdomTree Chinese Yuan Strategy Fund (NYSE:CYB) Seasonal Chart
Enbridge, Inc. (TSE:ENB.TO) Seasonal Chart
Tractor Supply Co. (NASD:TSCO) Seasonal Chart
iShares Canadian Short Term Bond Index ETF (TSE:XSB.TO) Seasonal Chart
Vanguard Short-Term Inflation-Protected Securities ETF (NASD:VTIP) Seasonal Chart
ProShares UltraShort Consumer Goods (NYSE:SZK) Seasonal Chart
SPDR SSGA Global Allocation ETF (AMEX:GAL) Seasonal Chart
Macy’s Inc. (NYSE:M) Seasonal Chart
First Asset Canadian REIT ETF (TSE:RIT.TO) Seasonal Chart
PIMCO Active Bond ETF (AMEX:BOND) Seasonal Chart
The Markets
Stocks clawed their way higher on Friday as the normal positive bias that surrounds the end of year holidays gave reprieve to recent selling pressures. The S&P 500 Index closed with a gain of just less than six-tenths of one percent, remaining within a tight short-term range just below the recently broken 50-day moving average. Minor resistance remains around previous horizontal support at 3900 with the more formidable threat persisting at declining trendline resistance, now around 4025. Momentum indicators remain in decline, although evidence of waning short-term downside momentum is being derived. November’s upside open gap between 3770 and 3860 remains the logical zone of support to the Santa Claus rally period that peaks in the first few days of the new year.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly look at the large-cap benchmark
- Our next prediction of what to expect of the market in 2023
- US Durable Goods Orders
- One of the bright spots in the manufacturing economy this year that is poised to continue into 2023
- Canada Gross Domestic Product (GDP) for October
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for December 27
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Sentiment on Friday, as gauged by the put-call ratio, ended slightly bearish at 1.01.
Seasonal charts of companies reporting earnings today:
- No significant earnings scheduled for today.
S&P 500 Index
TSE Composite
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