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The Stock Market's Valuation and Seasonality Should Be Encouraging to Investors

Guy Ortmann

Internals were negative on the NYSE and NASDAQ as volumes declined from the previous up session. The cumulative advance/decline lines for the All Exchange, NYSE and NASDAQ remain positive but below their 50-day moving averages. Seasonality remains encouraging as the November-to-April period coming out of a mid-term election year has seen positive returns since 1946 with a median return of 15% since 1930.