Stock Market Outlook for December 2, 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 DWA Technology Momentum ETF (NASD:PTF) Seasonal Chart
iShares MSCI Denmark Capped ETF (AMEX:EDEN) Seasonal Chart
Invesco S&P Emerging Markets Low Volatility ETF (AMEX:EELV) Seasonal Chart
iShares MSCI Emerging Markets Asia ETF (NASD:EEMA) Seasonal Chart
iShares U.S. Medical Devices ETF (NYSE:IHI) Seasonal Chart
iShares iBoxx $ Investment Grade Corporate Bond ETF (NYSE:LQD) Seasonal Chart
Invesco Dynamic Media ETF (NYSE:PBS) Seasonal Chart
Teucrium Soybean Fund (NYSE:SOYB) Seasonal Chart
iShares MSCI Europe IMI Index ETF (TSE:XEU.TO) Seasonal Chart
Whirlpool Corp. (NYSE:WHR) Seasonal Chart
Walgreens Boots Alliance, Inc. (NASD:WBA) Seasonal Chart
The Markets
Stocks closed mixed on Thursday as investors wait for the results of the monthly non-farm payroll report slated to be released on Friday. The S&P 500 Index closed down by a mere tenth of one percent after reaching up and testing long-term declining trendline resistance around 4100 intraday. Heading into the pivotal employment report, the benchmark remains supported by a confluence of major moving averages (20, 100, and 150-day) just above horizontal support at 3900 and attempts to hold support at the now broken 200-day moving average are being made. Momentum indicators continue to trend higher following their end of September lows and characteristics of a bullish trend continue to be adopted above their middle lines. Short-term bullish setups continue to point to an upside target of 4200.
Today, in our Market Outlook to subscribers, we discuss the following:
- A look at the hourly chart of the large-cap benchmark as we head into the weaker half of December for stocks
- The break of trendline support for treasury yields
- The ratio that provides and effective guide of whether to overweight stocks or bonds
- The start of the optimal holding period for corporate bonds
- Weekly Jobless Claims and the health of the labor market
- A preview of what to expect for November’s monthly payroll report
- US Construction Spending and the seasonal trade for construction stocks
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for December 2
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Sentiment on Thursday, as gauged by the put-call ratio, ended neutral at 0.96.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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