Stock Market Outlook for November 11, 2022
*** 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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Invesco S&P 500 Equal Weight Health Care ETF (NYSE:RYH) Seasonal Chart
iShares MSCI India ETF (AMEX:INDA) Seasonal Chart
CIENA Corp. (NYSE:CIEN) Seasonal Chart
Riocan Real Estate Investment Trust (TSE:REI/UN.TO) Seasonal Chart
Northland Power Inc. (TSE:NPI.TO) Seasonal Chart
Church & Dwight Co, Inc. (NYSE:CHD) Seasonal Chart
Andersons, Inc. (NASD:ANDE) Seasonal Chart
Toyota Motor Corp. (NYSE:TM) Seasonal Chart
Starwood Property Trust Inc. (NYSE:STWD) Seasonal Chart
Taiwan Semiconductor Mfg (NYSE:TSM) Seasonal Chart
The Markets
Nothing like a good old-fashioned whipsaw to keep us on our toes. Stocks surged on Thursday as a weaker than expected increase in consumer prices for October unleashed a wave of short covering. The S&P 500 Index rallied by 5.54%, achieving the best single session daily return since April of 2020 as the market was rebounding from the pandemic lows. Instantly, declining short-term resistance that had been highlighted in recent days at 3850 has been shattered and levels above the 50-day moving average retaken. The higher short-term low above the October bottom and the move above the end of October high on the benchmark sets up a cup-and-handle pattern that projects an upside target towards 4200, which would obviously be an impressive outcome if achieved. Declining trendline resistance and the 200-day moving average around 4100 may stand in the way. Momentum indicators remain within rising trends stemming from the September lows and have started to curl back higher follow the recent rollover that threatened an imminent sell signal with respect to MACD. Thursday’s gap open between 3770 and 3860 creates a massive zone to shoot off of on the long side as the market seeks to move past some of the threats that were seen just a day ago.
Today, in our Market Outlook to subscribers, we discuss the following:
- The shift of trend in the bond market
- Continuing to monitor the breakdown in the cryptocurrency market
- Looking at our bond market exposure in the Super Simple Seasonal Portfolio
- US Consumer Price Index
- Weekly Jobless Claims and the health of the labor market
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Sentiment on Thursday, as gauged by the put-call ratio, ended bullish at 0.84.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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