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Stock Market Outlook for November 9, 2022

Global equity ETFs are breaking above levels of declining trendline resistance, attempting to move beyond their trends of lower-lows and lower-highs.

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:

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Vanguard S&P 500 Index ETF (TSE:VFV.TO) Seasonal Chart

Vanguard S&P 500 Index ETF (TSE:VFV.TO) Seasonal Chart

iShares Core S&P Total US Stock Market ETF (NYSE:ITOT) Seasonal Chart

iShares Core S&P Total US Stock Market ETF (NYSE:ITOT) Seasonal Chart

iShares Core US Value ETF (NASD:IUSV) Seasonal Chart

iShares Core US Value ETF (NASD:IUSV) Seasonal Chart

Invesco S&P SmallCap Momentum ETF (AMEX:XSMO) Seasonal Chart

Invesco S&P SmallCap Momentum ETF (AMEX:XSMO) Seasonal Chart

Badger Infrastructure Solutions Ltd. (TSE:BDGI.TO) Seasonal Chart

Badger Infrastructure Solutions Ltd. (TSE:BDGI.TO) Seasonal Chart

PulteGroup, Inc. (NYSE:PHM) Seasonal Chart

PulteGroup, Inc. (NYSE:PHM) Seasonal Chart

The J. M. Smucker Co. (NYSE:SJM) Seasonal Chart

The J. M. Smucker Co. (NYSE:SJM) Seasonal Chart

Helen of Troy Ltd. (NASD:HELE) Seasonal Chart

Helen of Troy Ltd. (NASD:HELE) Seasonal Chart

Lowes Companies, Inc. (NYSE:LOW) Seasonal Chart

Lowes Companies, Inc. (NYSE:LOW) Seasonal Chart

The Markets

Stocks elevated into Tuesday’s close as market participants show a bias towards Republican wins when the votes are tallied in the mid-term election.  The S&P 500 Index closed with a gain of just less than six-tenths of one percent, charting a rather indecisive doji candlestick pattern above its declining 50-day moving average.  Short-term support remains intact around the rising 20-day moving average, a pivotal level to start to define the shift of the intermediate declining path of the market. The benchmark continues to hold a range of support between 3600 and 3800, providing the base for the potential end of year strength for the market that is normal.  The trend of momentum indicators since the oversold lows in September remainss higher, although MACD is still bordering on a sell signal as the indicator converges on its signal line.

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

  • Short-term declining trendline resistance on the hourly chart of the large-cap benchmark and mid-term election year tendencies for stocks
  • MSCI World ex US Index
  • Breakout above negative trendline resistance for many country ETFs
  • The abrupt downdraft in cryptocurrencies on Tuesday

Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for November 9

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Sentiment on Tuesday, as gauged by the put-call ratio, ended bearish at 1.16.

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Seasonal charts of companies reporting earnings today:

TC Energy Corporation Seasonal Chart Manulife Financial Corp Seasonal Chart D.R. Horton, Inc. Seasonal Chart Rogers Communication, Inc. Seasonal Chart The Trade Desk, Inc. Seasonal Chart CGI Inc. Seasonal Chart STERIS plc Seasonal Chart Atmos Energy Corporation Seasonal Chart ICL Group Ltd. Seasonal Chart Fair Isaac Corporation Seasonal Chart Amerco Seasonal Chart Jazz Pharmaceuticals plc Seasonal Chart Genpact Limited Seasonal Chart Wynn Resorts, Limited Seasonal Chart Performance Food Group Company Seasonal Chart Healthcare Realty Trust Incorporated Seasonal Chart Tetra Tech, Inc. Seasonal Chart The Middleby Corporation Seasonal Chart Capri Holdings Limited Seasonal Chart STARWOOD PROPERTY TRUST, INC. Seasonal Chart Kinross Gold Corporation Seasonal Chart Southwest Gas Holdings, Inc. Seasonal Chart Coherent Corp. Seasonal Chart Wendy's Company (The) Seasonal Chart Hilton Grand Vacations Inc. Seasonal Chart TEGNA Inc. Seasonal Chart Vermilion Energy Inc. Seasonal Chart SeaWorld Entertainment, Inc. Seasonal Chart Pan American Silver Corp. Seasonal Chart

S&P 500 Index

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TSE Composite

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