The bears will need a new General to lead their march lower if technology/growth is no longer the dominant burden on the broader market.
*** 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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Super Simple Seasonal Portfolio
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The Markets
Stocks rallied on Wednesday as a less negative than expected report from Netflix sent traders back into the growth segments of the market that had been left for dead amidst the rising cost of borrowing this year. The S&P 500 Index gained just less than six-tenths of one percent, continuing to make progress above the upper limit to the narrowing trading range that the benchmark broke out of in the previous session. The benchmark is now making progress closing the significant downside gap that was charted in June between 3975 and 4020, which will be a significant achievement for the bulls, if overcome. Momentum indicators continue to reach higher following the recent positive divergence with respect to MACD, hinting that a shift of the negative trend that the market has been in this year is underway. There is still quite a bit of noise on the daily look as gap resistance is battled with and amidst the suggestion of a bear-flag pattern that cannot yet be dismissed, but we suspect that, at some point in the weeks ahead, we will want to increase risk exposure again. In the meantime, we are seeing benefits from our technology allocations that were implemented in the model portfolio, available to subscribers in our monthly report, on May 25th.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
