If the change in Non-Farm Payrolls merely comes in around the September average of 0.4% (~600,000), the economy will have gained back all of the jobs that were lost during the pandemic.
*** 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 slipped on Thursday as investors await for the always anticipated monthly payroll report for September. The S&P 500 Index shed 1.02%, continuing to resist at the declining 20-day moving average around 3800. The more formidable threat remains the declining 50-day moving average that now hovers just below 4000. Until the trajectory of this moving average flips back positive, a certain amount of scepticism of the direction of stocks remains warranted and using major moving averages as levels to sell into in order to lighten up on equity exposure remains appropriate. Tuesday’s upside gap around 3700 remains the hurdle to shoot off of on the long side. MACD remains on a buy signal, an event that was trigged in the previous session, however, momentum indicators continue to show characteristics of a bearish trend. Friday is another pivotal day for the market and the intermediate trend of stocks as the monthly non-farm payroll report is released. Our focus following the release of the report will be on the reaction of yields and the dollar given the burden that their trajectories have imposed on stocks this year.
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Seasonal charts of companies reporting earnings today:
- No significant earnings scheduled for today
S&P 500 Index
TSE Composite
