Years following a weak September performance for stocks have typically resulted in a rebound through the fourth quarter of the year, unless the economy is already in recession.
*** 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 lower again on Friday, capping off a brutal month for equity investors as the market continues to price in the new Fed rate forecast and the threat of an economic recession to follow. The S&P 500 Index slipped by 1.51%, giving up earlier gains and closing below the June intraday low at 3636. The market continues to struggle to gain a footing, losing levels of support and continuing to show greater reaction to levels of resistance, which is not exactly the framework to be aggressive in the equity market. Major moving averages continue to point lower, providing hurdles to sell into when and if they are re-tested. The benchmark is presently knocking on the door of a range of significant levels between 3200 and 3600, including the 200-week moving average at 3589. As highlighted in a previous report, over the past three decades, a break of the 200-week moving average has only coincided with periods when the economy is in recession, therefore this will be a critical level to watch to deem how market participants view the macro fundamentals.
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Seasonal charts of companies reporting earnings today:
- No significant earnings scheduled for today
S&P 500 Index
TSE Composite
