Evidence of a discerning consumer mentality remains readily apparent this holiday season, but better days could be ahead if post-election year tendencies prove to be correct.
*** 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 mildly lower on Tuesday, giving up Monday’s gain, as the sideways trading range that the S&P 500 Index has been in through the first half of the month continues. The large-cap benchmark ended lower by nearly four-tenths of one percent, holding just below the recent high charted around 6100. Support at the 20-day moving average (6027) continues to underpin this market, keeping the market positioned to buy upon each test. Horizontal support can be pegged at 6035, forming the basis of the near-term trading range with the cap to the sideways span coming in at the aforementioned hurdle of 6100. A violation of this range would suggest a move of the same magnitude of the prevailing 65-point span (eg. 6165 to the upside, 5970 on the downside). The positive tendencies for the market over the next few weeks give the bias towards an upside resolution. On a intermediate-term basis, there remains greater evidence of support than resistance, presenting the desired backdrop for strength that is normally realized in the market at year-end. Major moving averages are all pointed higher and momentum indicators continue to gyrate above their middle lines, providing characteristics of a bullish trend. Our list of candidates in the market to Accumulate and to Avoid remains well positioned to benefit from the strength that is filtering into the market at this seasonally strong time of year, but we will scrutinize whether any changes are required as the price action evolves.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
