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Equity Clock - Market Outlook for May 11, 2023
Used car prices just recorded one of the largest April increases on record as the declining path of prices in the category makes a dramatic turn.
*** 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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The Markets
Stocks closed generally mixed on Wednesday as investors reacted to a calmer than expected report on CPI for the month of April. The S&P 500 Index ended higher by just less than half of one percent, remaining in this zone of horizontal resistance that ranges from 4100 to 4200. Support remains similarly persistent below at the congestion of major moving averages between 3950 and 4050. Momentum indicators are struggling around their middle lines as they rollover from their recent peaks charted during the middle of April. Without a catalyst, expect this sideways grind to continue, albeit with a downside bias given the threat of an economic recession on the horizon.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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