Equity Clock

Stock Market Outlook for November 3, 2021

Watching the price of copper closely as it tests previous trendline resistance as support.

 

 

 

*** 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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International Paper Co. (NYSE:IP) Seasonal Chart

Fairfax Financial Holdings Ltd. (TSE:FFH.TO) Seasonal Chart

Centene Corp. (NYSE:CNC) Seasonal Chart

Jazz Pharmaceuticals, Inc. (NASD:JAZZ) Seasonal Chart

Ritchie Bros. Auctioneers Inc. (TSE:RBA.TO) Seasonal Chart

Lancaster Colony Corp. (NASD:LANC) Seasonal Chart

Marinemax, Inc. (NYSE:HZO) Seasonal Chart

Hill International Inc. (NYSE:HIL) Seasonal Chart

 

 

The Markets

Stocks pushed to new all-time highs on Tuesday as investors continue to accumulate risk.  The S&P 500 Index added nearly four-tenths of one percent, led by the materials, technology, and REIT sectors.  The Relative Strength Index (RSI) for the large-cap benchmark has crossed above 70, classifying the benchmark as being overbought.  Short and intermediate levels of support below remain at rising 20 and 50-day moving averages at 4495 and 4465, respectively, along with horizontal support at the previous high charted in September at 4545.  Previous trendline support at 4600 has been retaken and a level of rising trendline resistance can be pegged overhead just above 4700.  Any way you slice and dice it, this market remains in positive trends on short, intermediate, and long-term timescales.

Today, in our Market Outlook to subscribers, we discuss the following:

• Concerns pertaining to our pro-cyclical bias as strength in economically sensitive segments of the market becomes fragmented: Watching the price of copper
• Metals and Mining industry
• US Dollar
• Emerging market stocks

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Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.71.

 

 

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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