Stock Market Outlook for December 21, 2022
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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iShares MSCI Japan ETF (NYSE:EWJ) Seasonal Chart
iShares MSCI Malaysia ETF (NYSE:EWM) Seasonal Chart
SPDR S&P International Small Cap ETF (NYSE:GWX) Seasonal Chart
Nuveen Municipal High Income Opportunity Fund (NYSE:NMZ) Seasonal Chart
Invesco FTSE RAFI US 1000 ETF (NYSE:PRF) Seasonal Chart
Invesco Trust for Investment Grade Municipals (NYSE:VGM) Seasonal Chart
GoldMining, Inc. (NYSE:GLDG) Seasonal Chart
Suncor Energy, Inc. (NYSE:SU) Seasonal Chart
Sunoco LP (NYSE:SUN) Seasonal Chart
Transcontinental Inc. (TSE:TCL/A.TO) Seasonal Chart
North American Construction Group Ltd (TSE:NOA.TO) Seasonal Chart
The Markets
Stocks edged higher on Tuesday as a reprieve in selling pressures provided hints that the negativity surrounding the front half of December tax-loss selling/portfolio rebalancing period has come to an end. The S&P 500 Index closed with a minor gain of one tenth of one percent, charting a rather indecisive doji candlestick as the benchmark struggles to overcome short-term oversold territory. The benchmark remains in the span of the upside open gap between 3770 and 3860 that was charted early in November, a zone that continues to be looked upon as logical support for the Santa Claus rally period that is now upon us. The more intermediate trend of the market remains that of lower-lows and lower-highs, capped by declining trendline resistance just above 4000, while a minor point of resistance can be pegged around 3900.
Sentiment on Tuesday, as gauged by the put-call ratio, ended close to neutral at 0.92.Today, in our Market Outlook to subscribers, we discuss the following:
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- Our base case for the performance of stocks in the year ahead
- US Housing Starts
- Canada Retail Sales
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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