The change of unemployment in Canada is showing the strongest pace on record outside of a defined recession.
*** 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 closed generally mixed on Friday as the aggressive mean reversion move that was realized earlier in the week levels off. The S&P 500 Index closed with a gain of just over a tenth of one percent, charting a rather indecisive daily doji candlestick around the psychologically important 4300 level, also the 61.8% Fibonacci retracement zone of last year’s market decline. The benchmark remains firm above previous resistance at the band between 4100 and 4200 that capped upside momentum over the past year and has yet to show any significant threat toward rising support at the congestion of major moving averages between 4000 and 4100. Momentum indicators continue to show characteristics of a bullish trend above their middle lines, but the lack of the aggressive short-term buying pressures that fuels a swift overbought condition just emphasizes the lack of excitement that traders are expressing towards enacting new positions amidst an uncertain economic backdrop. The bears are certainly in hiding following the recent breakout of the benchmark in recent weeks, but the bulls have their work cut out for them to rally the troops to push the benchmark sustainably higher, particularly during this notorious mean reverting month.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
