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Stock Market Outlook for October 11, 2022


The slope of the average trend of the equity market over the next three months is the steepest of the year.

 

Real Time Economic Calendar provided by Investing.com.

 

 

*** 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:

Subscribers – Click on the relevant link to view the full profile. Not a subscriber? Signup here.

ManpowerGroup (NYSE:MAN) Seasonal Chart

ManpowerGroup (NYSE:MAN) Seasonal Chart

Cracker Barrel Old Country Store, Inc. (NASD:CBRL) Seasonal Chart

Cracker Barrel Old Country Store, Inc. (NASD:CBRL) Seasonal Chart

Texas Roadhouse Inc. (NASD:TXRH) Seasonal Chart

Texas Roadhouse Inc. (NASD:TXRH) Seasonal Chart

Chemed Corp. (NYSE:CHE) Seasonal Chart

Chemed Corp. (NYSE:CHE) Seasonal Chart

Berry Plastics Group Inc. (NYSE:BERY) Seasonal Chart

Berry Plastics Group Inc. (NYSE:BERY) Seasonal Chart

Axon Enterprise, Inc. (NASD:AXON) Seasonal Chart

Axon Enterprise, Inc. (NASD:AXON) Seasonal Chart

Azenta, Inc. (NASD:AZTA) Seasonal Chart

Azenta, Inc. (NASD:AZTA) Seasonal Chart

 

 

Note: Due to the Thanksgiving Holiday in Canada and the Columbus Day Holiday in the US (Bond markets closed), comments today are brief.

 

The Markets

Stocks ended lower on Monday in a rather subdued session as the market braces for another read on inflation later this week.  The S&P 500 Index shed three-quarters of one percent, reaching back towards the lows of the year at 3585.  Another close below the June low has been delivered, providing further legitimacy to the breakdown of this widely scrutinized hurdle, although the fact that it occurred during a holiday impacted session does provide a bit of doubt.  Momentum indicators continue to struggle following last week’s rebound, although MACD remains on a buy signal for the time being.  Characteristics of a bearish trend persist.  Major moving averages continue to point lower, providing hurdles to sell into in order to alleviate equity exposure. Seasonally, we are getting into a historically strong time of year for stocks, one where the slope of the average trend of gains tends to be the steepest as the positivity that surrounds year-end plays out (see seasonal charts at the end of this report).  While the technicals are certainly not providing anything to be encouraged of yet, it will be difficult to sustain this negative trajectory through year-end and evidence of an intermediate low in stocks should continue to be sought.

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

  • Notable ratings changes in this week’s chart books
  • The 12 industries in the market with an Accumulate rating and the influential stocks within

Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for October 11

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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.

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Sentiment on Monday, as gauged by the put-call ratio, ended bearish at 1.03.

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Seasonal charts of companies reporting earnings today:

AZZ Inc. Seasonal Chart VOXX International Corporation Seasonal Chart Applied Blockchain, Inc. Seasonal Chart

 

 

S&P 500 Index

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TSE Composite

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