A sharp downfall of gasoline demand emphasizes how discerning consumers have become amidst growing adversities.
*** 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 rebounded on Wednesday given the reprieve in the rise of interest rates and the US Dollar that has burdened risk assets in recent days. The S&P 500 Index closed with a gain of eight-tenths of one percent, continuing to hold above the significant band of support around 4200. Momentum indicators continue to attempt to bottom, lending itself to the view of downside exhaustion, conducive to a bounce in the near-term. Resistance can be pegged overhead at declining 20 and 50-day moving averages at 4374 and 4435, respectively. The benchmark has achieved a logical downside target attributed to the normal correction/period of weakness that plays out in August and September and the risk-reward remains setup well to see a near-term upside attempt. The sustainability of the rebound remains in question given the rising trends of rates and the US Dollar, but, with both at overbought extremes, a similar retracement of the prevailing trend appears likely. The status quo suggests that weakness in rates and the dollar are bullish for stocks, while strength is perceived to be a bearish headwind.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
