Manufacturer sentiment and shipping activity continue to attest to a manufacturing economy that is 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 drifted higher to start the week as investors continue to monitor the developments pertaining to the debt ceiling negotiations as the clock ticks closer towards a possible default. The S&P 500 Index closed with a gain of three-tenths of one percent, remaining in this band of resistance between 4100 and 4200. Support remains persistent at the congestion of major moving averages between 3950 to 4050. Momentum indicators are still pointed lower, but they have not made much progress on the downside since a MACD sell signal was recorded on April 24th. This market remains in need of a catalyst to trigger a direction, one way or the other.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
