The median price of new homes sold showed the largest calendar year decline on record in 2023 as builders sought to offset the increase in the cost of borrowing with incentives.
*** 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
The string of new all-time highs continues as investors embraced a stronger than expected read of economic growth for the fourth quarter by way of the US GDP report. The S&P 500 Index closed higher by just over half of one percent, pushing back towards the 4900 target that the breakout of the short-term consolidation pattern charted at the start of the year suggested. The move produced an inside candlestick where the high and the low was within the range of the previous day’s session. This can be an indication of indecision as investors scrutinize the market heights, but we certainly do not have evidence of investors wanting to exit equity exposure. The Relative Strength Index (RSI) continues to push further into overbought territory above 70, but, while this could easily exhaust buying demand in the near-term, both RSI and MACD are showing characteristics of a bullish trend, holding above their middle lines. Seasonal tendencies call for sluggish/weak market performance through the first eight to ten weeks of the year, but traders are pushing for an alternate path as all eyes move towards the psychologically important 5000 level on the large-cap benchmark, a milestone that may act as a magnet for prices in the weeks ahead.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
