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Equity Clock - Market Outlook for May 1, 2023
S&P 500 Index has gained an average of 0.4% in the month of May with 75% of periods closing higher.
*** 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 drifted higher to close out the week and the month as investors shook off concerns pertaining to a banking crisis and instead focused on earnings, which have predominantly come in better than expected. The S&P 500 Index closed with a gain of just over eight-tenths of one percent, closing, once again, in the range of overhead resistance between 4100 and 4200. The cloud of major moving averages between 3950 and 4050 remains in a position of support, helping to carry the benchmark through to the peak of its best six month of the year trend at the start of May. MACD remains on a sell signal that was triggered around the start of this week, but this hasn’t stopped portfolio managers from stepping in as they seek to pad their books as the month comes to a close.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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