Money managers are holding record short allocations in stock and bond futures.
*** 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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Note: Monday is a statutory holiday here in Canada and no report will be released on this day. We will update our weekly chart books on schedule for release on Sunday night, but our chart books write-up will be released on Tuesday, instead of Monday. Regular reports will resume on Tuesday. Have a great weekend!
The Markets
Stocks closed lower on Friday as republican negotiators halted talks on the debt ceiling limit with just days remaining until congress breaks for the Memorial day holiday. The S&P 500 Index closed down by just over a tenth of one percent, remain capped by the band of resistance between 4100 and 4200. Support persists at the congestion of major moving averages between 3950 and 4050. Inevitably, as price becomes pinned between the rising levels of support below and the horizontal barrier overhead, a break will be realized, enabling market technicians to form more of a directional bias of the broad market trajectory moving forward. Momentum indicators continue to curl higher following their recent slide, but, in this tight, directionless market, the signals that they are throwing off have become irrelevant as traders seek a catalyst to fuel the next major market move.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
