Shares of Apple are showing sharp rejection from gap resistance between $187 and $190, suggesting the start of a declining trend for the tech titan.
*** 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 continued to roll over on Wednesday as the volatility/weakness that is normal of the last two months of the third quarter returns following the short-term positivity that surrounded the Labor Day holiday. The S&P 500 Index ended the day down by seven-tenths of one percent, losing support, once again, at the 50-day moving average. Momentum indicators are increasingly rolling over below their middle lines as characteristics of a bearish trend start to become adopted. As has been highlighted previously, levels down to the June breakout point at 4200 remain fair game as part of this normal period of volatility/weakness in August and September, allowing the more intermediate rising trend of the market to remain intact ahead of the start of the best six months of the year for stocks that starts in October. Between now and then, caution is prudent given the unfavourable risk-reward through the weeks ahead.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
