If there is a foreseeable influence that could derail the summer rally, it could be the appreciation of the US Dollar.
*** 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 drifted higher in the second to last trading session of the first half of the year as the positivity that generally surrounds this mid-year period starts to filter into the equity market. The S&P 500 Index gained just less than a tenth of one percent, remaining within a tight consolidation span that it has been within for the past week between 5445 and 5500. A break of the short-term span would have upside or downside implications of the same magnitude, or 55 points (~1.0%). Major moving averages continue to fan out positively below price, providing a number of points of support below to carry price. The Relative Strength Index (RSI) remains in overbought territory above 70, highlighting a bit of a stretched state heading through the notoriously positive timeframe for stocks that is upon us, but, ultimately, this is a characteristic of a bullish trend. So long as characteristics of a bullish trend persist, reason to bet on the upside potential for the summer rally exists.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
