While we are not observing the weakness that is typical for stocks at this time of year, normal mean reversion is certainly taking hold, resulting in near-term reversals of prevailing trends.
*** 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 jumped on Thursday as investors reassessed their initial cautious reaction to the Fed’s outsized 50 basis point rate cut and bid stocks, particularly in growth segments, higher. The S&P 500 Index ended higher by 1.70%, charting a fresh all-time high and slicing through horizontal resistance at 5650. The move resolves a multi-month narrowing consolidation pattern that was bound by support at the 100-day moving average (5428) and resistance at the downside gap between 5622 and 5658 that was charted at the end of the summer rally period in July. The technicals suggest the continuation of the near-term direction of travel, despite being within this weak time of year for equity market performance at the end of the second quarter. Seasonality has us locked into this cautious view of stocks through the remaining days of September, but the strength that the market has been revealing certainly diminishes the threat of an intermediate-term topping pattern that was apparent previous.
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Seasonal charts of companies reporting earnings today:
- No significant earnings scheduled for today.
S&P 500 Index
TSE Composite
