A rare May decline in US vehicle sales is providing the first hint of the collapse of consumer demand.
*** 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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The Markets
Stocks surged on Thursday, shaking of profit concerns stemming Technology bellwether Microsoft. The S&P 500 Index gained 1.84%, moving above horizontal resistance at 4150. The move starts to resolve the flagging pattern above the 20-day moving average that we highlighted in our last report as the next level of resistance around the neckline to the head-and-shoulders pattern at 4280 comes into view. The level approximately intersects with the declining 50-day moving average, a formidable threat in any intermediate-term declining trend. Momentum indicators continue to point higher with the Relative Strength Index even inching above its middle line. Still, much more work is is required to alleviate the bearish characteristics that they continue to portray. We are still looking for a fall-off/digestion of recent gains before we get to the start of the summer rally period in the back half of the month, but the strength continues to play into our hands following the implementation of our ramped up equity exposure a couple of weeks ago in the Super Simple Seasonal Portfolio.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
