While the S&P 500 Index has broken above significant resistance and is now higher on the year, the average stock is still showing a decline, so far, in 2024.
*** 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 rallied on Friday as growth stocks propelled the S&P 500 Index to a fresh all-time high after two years of being capped below resistance at 4800. The large-cap benchmark gained 1.23%, moving almost 40-points above the previous barrier. Short-term support has been redefined at the rising 20-day moving average, now at 4756. As highlighted in our last report, the break above significant resistance at 4800 has a 100-point potential above the previous threshold, which implies an initial upside target to 4900. Of course, with no points of resistance overhead, the potential seems almost limitless. Momentum indicators are showing signs of curling higher from their recent slide out of overbought territory, still holding levels above their middle lines, which is characteristic of a bullish trend. The intermediate-term trend (spanning weeks and months) stemming from the October of 2022 low remains firmly intact and now the breakout above resistance at 4800 reinvigorates the long-term path, which has been capped since the start of 2022.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
