Nasdaq Composite closes above 6,000, just 3% away from calculated upside target. Real Time Economic Calendar provided by Investing.com. **NEW** As part of the ongoing process to offer new and up-to-date information regarding seasonal and technical investing, we are adding a section to the daily reports that details the stocks that are entering their period of seasonal strength, based on average historical start dates. 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: Meredith Corporation (NYSE:MDP) Seasonal Chart Biogen Idec Inc. (NASDAQ:BIIB) Seasonal Chart The Markets Stocks rallied for a second day as earnings from a number of large-cap companies lifted market benchmarks back towards all-time highs. The Nasdaq Composite closed above 6,000, a key psychological level and important milestone as the tech heavy benchmark puts the tech bubble peak firmly behind it. The break of the approximately 1000-point trading range late last year between 4200 and 5200 projects upside potential towards 6200, which is now within 3% of being fulfilled. Previous resistance just above 5900 would now be expected to act as support. The Nasdaq has been the winner amongst the major US benchmarks this year, outperforming the S&P 500 Index by nearly 5%. This continues a trend of outperformance that has been apparent for the past decade as an increasing number of growth stocks list with the technology exchange. Seasonally, the Nasdaq averages a trend of outperformance versus the large-cap S&P 500 Index between May and July; strength in the Nasdaq Biotechology Index helps to support the strength over this timeframe. ^IXIC Relative to the S&P 500 On the economic front, the strong housing market continues, as indicated by the report on new home sales. Sales increased to a seasonally adjusted annual rate of 621,000, up from the previously revised 587,000. Consensus was for a print of 588,000. Stripping out the seasonal adjustments, new home sales increased by 20.8%, firmly above the average increase for March of 17.0%. The year-to-date change is higher by 48.7%, the best first quarter increase since 2010. March typically marks a peak in sales activity; activity fades through the remainder of the year as new projects wind down. Looking through the components, sales of completed homes continues to show above average gains, higher by 42.9% through the end of March, while sales of homes not started or under construction lag their seasonal trends. As highlighted in a previous report, the number of authorized building projects is weighing on the supply of houses for sale in the earlier stages of production. As for house prices of product sold, while the price of existing home sales, which accounts for 90% of the market, have shown above average gains, the price of new home sales is not following suit, trending well below average through the first three months of the year. The median sales price for new houses sold is down on the year by 5.3% versus the average increase of 1.3%, the result of more homes sold at lower price points. Reaction amongst the homebuilding stocks was muted on Tuesday as the market focussed on the lumber tariffs imposed by the Trump administration. Seasonally, homebuilding stocks typically weaken between now and mid-June. Providing further insight on the pace of house prices in the US, S&P/Case-Shiller released their look at the value of homes across the country. The 20-city composite index rose a seasonally adjusted 0.7% in February, just shy of the consensus estimate calling for an increase of 0.8%. Non-seasonally adjusted, prices increased by 0.4%, much better than the 0.2% decline that is average for the month of February. Above average increases are being realized across the board, from New York to San Francisco, with many regions bucking the declines that are average for this winter month. Strength in house prices typically has broader implications on economic activity, typically the result of improved sentiment as homeowners feel wealthier; discretionary spending typically benefits. House prices typically continue to trend higher through the spring and summer, eventually levelling off in the fall. Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.83. Seasonal charts of companies reporting earnings today: S&P 500 Index TSE Composite