Growth showing signs of relinquishing leadership to Value as the market digests the strength in the Technology sector.
*** 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:
Subscribers Click on the relevant link to view the full profile. Not a subscriber? Signup here.
Super Simple Seasonal Portfolio
This content is exclusive to subscribers of EquityClock.com. Please Log In or Subscribe to proceed.
The Markets
Stocks closed firmly lower on Wednesday as investors digested comments from the Fed, who is forecasting fewer rate cuts for 2024 than was previously projected. The S&P 500 Index closed down by just over nine-tenths of one percent, moving below short-term support at its 20-day moving average. The appearance of a lower-high below the July’s peak changes the profile of the market since last October’s low from one of higher-highs and higher-lows to, now, one of lower-highs and, presumably, lower-lows. The benchmark is rolling over around its 50-day moving average, a logical level to see the intermediate path of the benchmark deteriorate once buying demand fades. Momentum indicators are rolling over below their middle lines, readopting characteristics of a bearish trend that were commonplace through the first three quarters of last year. Downside risks continue to be seen in the near-term towards the June breakout point at 4200; anything below this level would have longer-term negative implications that threaten to encroach on the best six month of the year trade for stocks that starts in October.
This content is exclusive to subscribers of EquityClock.com. Please Log In or Subscribe to proceed.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
