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Stock Market Outlook for November 15, 2022

Major benchmarks are testing resistance at their summer highs, a logical point for near-term digestion before the next period of seasonal strength begins.

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*** 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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Algonquin Power & Utilities Corp. (NYSE:AQN) Seasonal Chart

Algonquin Power & Utilities Corp. (NYSE:AQN) Seasonal Chart

New Flyer Industries Inc. (TSE:NFI.TO) Seasonal Chart

New Flyer Industries Inc. (TSE:NFI.TO) Seasonal Chart

iShares U.S. Consumer Goods ETF (NYSE:IYK) Seasonal Chart

iShares U.S. Consumer Goods ETF (NYSE:IYK) Seasonal Chart

Invesco KBW High Dividend Yield Financial ETF (NASD:KBWD) Seasonal Chart

Invesco KBW High Dividend Yield Financial ETF (NASD:KBWD) Seasonal Chart

Global X SuperDividend ETF (AMEX:SDIV) Seasonal Chart

Global X SuperDividend ETF (AMEX:SDIV) Seasonal Chart

iShares MSCI Global Agriculture Producers ETF (AMEX:VEGI) Seasonal Chart

iShares MSCI Global Agriculture Producers ETF (AMEX:VEGI) Seasonal Chart

Barrick Gold Corp. (TSE:ABX.TO) Seasonal Chart

Barrick Gold Corp. (TSE:ABX.TO) Seasonal Chart

Canfor Corp. (TSE:CFP.TO) Seasonal Chart

Canfor Corp. (TSE:CFP.TO) Seasonal Chart

Skechers Usa, Inc. (NYSE:SKX) Seasonal Chart

Skechers Usa, Inc. (NYSE:SKX) Seasonal Chart

Interfor Corp. (TSE:IFP.TO) Seasonal Chart

Interfor Corp. (TSE:IFP.TO) Seasonal Chart

BMO Equal Weight Utilities Index ETF (TSE:ZUT.TO) Seasonal Chart

BMO Equal Weight Utilities Index ETF (TSE:ZUT.TO) Seasonal Chart

Lennar Corp. (NYSE:LEN) Seasonal Chart

Lennar Corp. (NYSE:LEN) Seasonal Chart

  

  

The Markets

Stocks closed lower on Monday as investors took a breather following the sharp rally that was realized last week.  The S&P 500 Index closed lower by nine-tenths of one percent, peeling back towards recently broken horizontal resistance at 3900.  Major moving averages are gradually feeling the pull of last week’s upside breakout with the 50 and 100-day moving averages starting to join the 20-day with a positive slope.  The short-term trend is deemed to be positive, supported by the rising 20-day moving average, with an upside target suggested by a cup-and-handle pattern pointing to 4200.  Momentum indicators are attempting to shake off their bearish characteristics that have been maintained over the past few months and are moving above their middle lines for the first time since August. The technicals are still providing plenty to be encouraged of, but a near-term digestion of the recent strength is viewed as likely before the next seasonal uptick in the market is realized.

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

  • Major benchmarks testing resistance at their summer highs
  • Copper
  • Notable ratings changes in this week’s chart books: Find out what has been upgraded to Accumulate this week, how to play it via an ETF, and the upside target of the seasonal trade
  • The break of this year parabolic trend in the currency market
  • Investor sentiment

Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for November 15

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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 bullish at 0.84.  

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Seasonal charts of companies reporting earnings today:

Walmart Inc. Seasonal Chart Home Depot, Inc. (The) Seasonal Chart Sea Limited Seasonal Chart Advance Auto Parts Inc. Seasonal Chart Aramark Seasonal Chart Berry Global Group, Inc. Seasonal Chart Valvoline Inc. Seasonal Chart Energizer Holdings, Inc. Seasonal Chart Oaktree Specialty Lending Corporation Seasonal Chart Ferroglobe PLC Seasonal Chart

  

S&P 500 Index

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TSE Composite

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Seasonal Advantage Portfolio by CastleMoore

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