While stocks are beginning to look exhausted, a number of influences are setting up favourably for an extension of the market’s strength into the start of spring.
*** 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 closed mixed on Monday as the steam continues to come out of the once red-hot technology trade and as traders anticipate the release of the Consumer Price Index (CPI) on Tuesday. The S&P 500 Index dipped by just over one tenth of one percent, reaching back towards short-term support at the rising 20-day moving average (5065). Momentum indicators continue to negatively diverge from price, indicative of the waning buying demand that is present around these market heights. The intermediate-term trend of the benchmark remains definitely positive, warranting buying the dips, but a digestion of the strength derived since last October appears to be required in order to entice the next round of buyers into the market. The significant indecision candlestick charted on the weekly chart of the large-cap benchmark last week has enticed us to step back from our view to Accumulate the benchmark (and related ETF – SPY) as we focus on other more appealing opportunities heading through the remainder of the best six month timeframe for stocks that peaks in May.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
