The shallowest decline in initial claims through the first four months of the year since 1970 is highly indicative of a labor market that is no longer on the solid foundation that it once was.
*** 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, on a broad scale, continue to do a whole lot of nothing as investors scrutinze incoming macro-fundamental data and the progression of debt ceiling talks, both of which risk sending the economy into recession if not corrected shortly. The S&P 500 Index ended with a loss of just less than two-tenths of one percent, once again remaining in this band of resisatnce between 4100 and 4200. Support continues to be viewed at the congestion of major moving averages between 3950 and 4050. Until a catalyst materializes to either fuel a breaout above resistance or a breakdown below support, this range will remain. Momentum indicators continue to pullback from their April peaks and the benchmark remains on a sell signal according to MACD.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
