While a defensive shift in the market has emerged, stocks are not showing the characteristics that would traditionally precede a pullback/correction.
*** 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 to start the week as traders brace for a couple of key inflation reports slated to be released in the days ahead. The S&P 500 Index ended down by a mere two basis points (0.02%), sitting just slightly below the all-time high that was charted in March around 5264. Support at the 100-day moving average (5015) continues to underpin the rising intermediate-term path of the benchmark as the previous peak is threatened heading further into this off-season for stocks that began after the first week of May. Momentum indicators continue to make progress above their middle lines, managing to stave off the adoption of characteristics of a bearish trend. Ultimately, this is still a market that is showing greater support than resistance, warranting a bullish bias of stocks until this pattern changes. Seasonal tendencies for stocks tend to be a little soft over the next week or so, but the Memorial Day holiday bump is rapidly approaching, a tendency that gives lift to stocks surrounding the long weekend and into the start of June.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
