Net assets on the Fed’s balance sheet has developed a declining path, no longer supportive of the upside momentum of the equity market.
*** 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 edged mildly lower on Friday as the normal process of portfolio re-balancing at quarter-end continues. The S&P 500 Index closed lower by just shy of two-tenths of one percent amidst the highest volume session since the fourth quarter quadruple witching event in December. Momentum indicators continue to show early signs of rolling over within overbought territory as many of the winners from the first half of the year (eg. technology/Nvidia) are sold off in order to fund other segments of the market to which investment managers may be underweight. A digestion of overbought conditions is considered healthy as the market sets up for the strength attributed to the summer rally that gets underway in the week ahead. Major moving averages continue to underpin the rising path with the 50-day moving average (5232) providing the appropriate hurdle to peg as a stop to long allocations.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
