Equity Clock

Stock Market Outlook for November 23, 2021

Technology sector ETF charting an outside reversal candlestick precisely around the upper limit to its rising trading range.

 

 

 

*** 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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Cognizant Technology Solutions Corp. (NASD:CTSH) Seasonal Chart

New York Times Co. (NYSE:NYT) Seasonal Chart

Tenet Healthcare Corp. (NYSE:THC) Seasonal Chart

World Wrestling Entertainment, Inc. (NYSE:WWE) Seasonal Chart

TEGNA Inc. (NYSE:TGNA) Seasonal Chart

Novo Nordisk A S (NYSE:NVO) Seasonal Chart

iShares MSCI Denmark Capped ETF (AMEX:EDEN) Seasonal Chart

iShares Global Clean Energy ETF (NASD:ICLN) Seasonal Chart

ProShares UltraShort Bloomberg Natural Gas (NYSE:KOLD) Seasonal Chart

VanEck Vectors Low Carbon Energy ETF (AMEX:SMOG) Seasonal Chart

 

 

The Markets

Stocks dipped on Monday following a massive reversal in the technology sector amidst a surge in the cost of borrowing.  The spike in yields stemmed from the renomination of Fed Chair Jerome Powell, allowing the market to gain some certainty over who will lead the central bank through these remaining innings of this pandemic.  The S&P 500 Index closed down by a third of one percent, erasing the almost one percent gain that was recorded just after headlines of the renomination crossed the tape.  Trendline resistance close to 4750 was tested at the highs of the session, leading to the intraday reversal.  The benchmark is now reaching back to support around the rising 20-day moving average at 4657.  Intermediate support can be pegged at the 50-day moving average at 4515.  Momentum indicators, while remaining on sell signals triggered a couple of weeks ago, continue to show characteristics of a bullish trend.

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

• The reversal in the technology sector on Monday and our bias through the remainder of the year
• Notable ratings changes in this week’s chartbooks
• US Existing Home Sales and the abnormal increase in home prices for October
• Renewed strength in lumber stocks

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Want to know which areas of the market to buy or sell?  Our Weekly Chart Books have just been updated, providing a clear Accumulate, Avoid, or Neutral rating for currencies, cryptocurrencies, commodities, broad markets, and subsectors/industries of the market.  Subscribers can login and click on the relevant links to access.

• Currencies
• Cryptocurrencies
• Commodities
• Major Benchmarks
• Sub-sectors / Industries

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Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.77.

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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