Forget energy and focus on this energy alternative trade that is breaking out to fresh all-time highs within its optimal holding period.
*** 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 closed mildly higher following Tuesday’s mass panic that was fuelled by a hotter than expected read of inflationary pressures in the economy. The S&P 500 Index closed higher by a third of one percent after testing levels around horizontal support at 3900. Resistance remains firm at Tuesday downside gap around its 50-day moving average, which, for the time being, remains on the rise. Momentum indicators have turned back lower after rebounding back to levels around their middle lines in recent days. We remain on the lookout for the confirmation of a higher significant intermediate low that would form the basis to suggest a shift of trend in the market, but, following Tuesday’s downturn, we are likely going to have to wait for traders nerves to settle before some level-headedness returns to the market. Seasonally, we remain in the most volatile time of the year for stocks, a period that realizes erratic trading through the end of the third quarter.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
