Tech Talk | Sep 23, 2013 08:14AM ET
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Since our last report, a number of equity benchmarks have broken out to new multi-year and all-time highs following Wednesday’s Fed "bump". The long-term trend of higher-highs and higher-lows remains intact, continuing a positive trend that has stemmed from last November’s low. However, short-term momentum indicators are showing signs of struggle as investors remain hesitant to buy equities at levels that some analysts are considering to be "fairly valued"; opportunities to find value in this market are very few, an event that often leads to waning upside momentum as buyers fail to accumulate. According to Factset, "the current 12-month forward P/E ratio is 14.6, well above the 5-year (12.9) and 10-year (14.0) averages". Lack of buying opportunities could continue to lead to these abrupt rises and sharp falls in stock prices, similar to what was experienced at the end of last week. Short-term momentum indicators are showing early signs of curling lower after hitting significantly overbought levels. The RSI surpassed 70 following Wednesday’s stock surge, but has since declined to 63, triggering a sell signal. The MACD is showing evidence of converging on the signal line, as indicated on the MACD histogram. And, the Stochastics have notably stalled above 90 and are showing very early signs of pointing lower. Downside risks in the near term continue to outweigh the upside reward, meaning that unfavorable risk/reward entry points exist at current levels.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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