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Equity Clock - Market Outlook for May 31, 2023
Home prices are back rising above seasonal norms, conducive to giving consumers the confidence to spend.
*** 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 traded mixed following the Memorial Day holiday weekend as traders reacted to news that a tentative debt ceiling agreement had been reached. The S&P 500 Index closed unchanged (0.00%) on the day, but this didn’t stop further buying demand in growth/technology oriented sectors that have been excelling all year. The benchmark made further progress pushing marginally above resistance at 4200 as the benchmark attempts to escape from this sideways range that it has been stuck in for the past year. The negative divergence of momentum indicators over the past month has yet to confirm the apparent upward shift of prices. The benchmark remains supported at the congestion of rising moving averages, now between 4000 and 4100. As has been highlighted, seasonally stocks tend to remain supported in the days surrounding the Memorial day holiday, a tendency that runs into the new month of June, following which mean-reversion and general portfolio re-balancing is a dominant theme that tends to impose downward pressures on stocks until the start of the summer rally period at the end of June.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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