Clean energy stocks breaking out, benefiting our model portfolio.
*** 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 followed through with their post-Fed gains on Thursday, further erasing the sharp declines that were recorded through the middle of June when inflation concerns were all the rage. The S&P 500 Index closed higher by another 1.21%, continuing to move above 50-day moving average support that was tested earlier in the week. The push towards the May high at 4170 is underway, a hurdle that will either make or break the intermediate trend of lower-lows and lower-highs that the benchmark has been in this year. The confirmation of support at the 50-day moving average in recent days suggests that the shift of the intermediate path is already underway, but we will not know definitively until the May/June peak is violated. Momentum indicators are increasingly relinquishing characteristics of a bearish trend with RSI and MACD pushing above their middle lines. Short-term, we are approaching an important hurdle at 4100, representing the target of the previously highlighted trading range breakout and also representing a point of previous support observed in February and again early in June. We would not be surprised to see a pause in the range of 4100 to 4170 before the market regroups for the ultimate push higher into year-end, as per our forecast for the second half of the year.
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Sentiment on Thursday, as gauged by the put-call ratio, ended close to neutral at 0.94.
Sectors and Industries entering their period of seasonal strength:
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
