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Tuesday, February 13, 2024 12:08:10 PM
February Weak Seasonality & Frothy Market Selloff Sets Up Next Bull Leg
By: Almanac Trader | February 13, 2024
The big round number of S&P 5000 is proving to be resistant. It will likely take a few attempts to break through. February’s notorious seasonal weakness is bound to relieve the market’s obviously overbought condition. Much like January’s selloff as the market came to grips with the reality that it’s not getting a rate cut anytime soon, selling on January’s hotter-than-expected CPI suggests we are due for some further weakness. This is not out of the ordinary for February even into March. February is the weak link of the Best Six Months so expect some pullback.
Contrary to popular belief our outlook for the year remains bullish. This usually mild (and healthy) retreat (around 4% on average by S&P 500) from mid-February to mid-March in election years with a sitting president running for reelection could be a good opportunity to establish new or add to existing positions. Election year seasonal patterns suggest respectable full-year gains.
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DiscoverGold
By: Almanac Trader | February 13, 2024
The big round number of S&P 5000 is proving to be resistant. It will likely take a few attempts to break through. February’s notorious seasonal weakness is bound to relieve the market’s obviously overbought condition. Much like January’s selloff as the market came to grips with the reality that it’s not getting a rate cut anytime soon, selling on January’s hotter-than-expected CPI suggests we are due for some further weakness. This is not out of the ordinary for February even into March. February is the weak link of the Best Six Months so expect some pullback.
Contrary to popular belief our outlook for the year remains bullish. This usually mild (and healthy) retreat (around 4% on average by S&P 500) from mid-February to mid-March in election years with a sitting president running for reelection could be a good opportunity to establish new or add to existing positions. Election year seasonal patterns suggest respectable full-year gains.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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