Equity Clock

Stock Market Outlook for November 22, 2021

Energy stocks may be down, but they’re not out.

 

 

 

*** 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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DaVita Inc. (NYSE:DVA) Seasonal Chart

Public Storage, Inc. (NYSE:PSA) Seasonal Chart

Vornado Realty Trust (NYSE:VNO) Seasonal Chart

Manulife Financial Corp. (TSE:MFC.TO) Seasonal Chart

Norbord Inc. (TSE:OSB.TO) Seasonal Chart

Boyd Gaming Corp. (NYSE:BYD) Seasonal Chart

iShares MSCI Finland Capped ETF (AMEX:EFNL) Seasonal Chart

Taiwan Fund, Inc. (NYSE:TWN) Seasonal Chart

Extra Space Storage Inc. (NYSE:EXR) Seasonal Chart

Copper Mountain Mining Corp. (TSE:CMMC.TO) Seasonal Chart

Lydall, Inc. (NYSE:LDL) Seasonal Chart

iShares U.S. Home Construction ETF (NYSE:ITB) Seasonal Chart

Invesco WilderHill Clean Energy ETF (NYSE:PBW) Seasonal Chart

Invesco NASDAQ Internet ETF (NASD:PNQI) Seasonal Chart

Invesco Dynamic Semiconductors ETF (NYSE:PSI) Seasonal Chart

CAE, Inc. (TSE:CAE.TO) Seasonal Chart

Cleveland-Cliffs Inc (NYSE:CLF) Seasonal Chart

iShares U.S. Medical Devices ETF (NYSE:IHI) Seasonal Chart

 

 

The Markets

Stocks traded mixed on Friday as market participants continue to price in the risk that the latest wave of COVID will have on economic growth.  This follows headlines that Austria will be enacting a nationwide lockdown in order to combat the spread of the virus and speculation is that Germany may be next following the spike in recent days.  The S&P 500 Index closed down by just over a tenth of one percent after being pushed and pulled by weakness in energy and financials and strength in technology.  The benchmark continues to hold just below the all-time high charted in the first week of November at 4718.  Support can continue to be pegged at rising 20 and 50-day moving averages, levels that have gone untested for just over a month now.  The slope of these major moving averages continues to emphasize positive trends across short and intermediate timeframes.  MACD remains on a sell signal that was triggered a week ago on November 12th, while RSI is holding just below overbought territory, but, ultimately, both are showing characteristics of a bullish trend.

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

• Weekly look at the S&P 500 Index and the setup going into the Thanksgiving holiday week
• Weekly jobless claims and the health of the labor market
• Canada Retail Sales: The strength of the consumer and the conclusion to the period of strength for stocks in the retail industry
• Energy stocks following Friday’s selloff
• Seasonal trade in the cannabis industry

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Sentiment on Friday, as gauged by the put-call ratio, ended bullish at 0.80.

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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