The Emini S&P 500 Futures have been down in 5 out of the last 10 years with a total loss of 82.25 pts for the month of September. The average loss per year over the last 10 years has been about 8.2 pts per year and we are heading into this month with a 3 year bearish streak for the month. So what can we expect this month? The daily chart has gone through a cloud pullback and is about to retest the highs. The weekly and monthly charts are still very strong bullish, however the weekly Tenkan Sen could be the first sign of trouble if price were to break below it as it has just crossed it after the pullback in August.
Ulta Beauty (ULTA) is going through a major pullback and needs to hold support around $213. In order for the bullish seasonal to hold true, we would need to see price break the resistance at $231. If that happens price will slowly begin to test the $259 level.
Duke Energy (DUK) is at resistance around $87 for the third time since 2015. We would like to see a clear break and close above this level in order to trade it.
Urban Outfitters (URBN) has a resistance level around $22 and needs to hold if the seasonal is to hold true. If the level holds we could see a retest of the $17 level. If the resistance is broken, price will slowly begin to move towards resistances around $25 and $28.
BB&T Corp. (BBT) is approaching support around $45.50 and needs to hold there if the seasonal is to workout. If the level holds we could see a retest and break of the all time high of $49.88.
As always, use your own technical/fundamental analysis to backup the seasonals. The seasonals should just give you that extra bit of confidence if there is a chart setup. Taking seasonals without technical/fundamental analysis is not recommended.
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