The market is no longer enticing the type of buying demand that was apparent between mid-April and mid-May when support at the 50-hour moving average produced large thrusts higher.
*** 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 higher to start the new month as investors found comfort from headlines that President Trump and China’s leader Xi Jinping will likely speak this week amidst ongoing tariff uncertainty. The S&P 500 Index gained just over four-tenths of one percent, continuing to test the band of resistance between 5900 and 6100. The moves over the past few days, albeit slight, are providing hint that the short-term rising trend stemming from the April lows is coming to an end with the 50-hour moving average no longer enticing the type of buying demand that has been observed over the past month and a half; a digestive period heading into the end of the second quarter is likely underway. Upside gap support around 5700 remains the critical level to watch over the short-term timeframe given a violation of the implied level of support would lead to a resumption of the strains that the intermediate-term trend has been portraying since the start of the year. Our list of candidates in the market that are worthy to Accumulate continues to perform well and, this week, our ratings changes were few.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
