Stock Market Outlook for June 14, 2023
It is almost unprecedented to see the S&P 500 Index stretched well above its 200-day moving average, but still less than two-thirds of constituents holding this same hurdle as a level of support.
*** 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:
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Tyler Technologies, Inc. (NYSE:TYL) Seasonal Chart
Myriad Genetics, Inc. (NASD:MYGN) Seasonal Chart
Coeur Mining Inc (NYSE:CDE) Seasonal Chart
iShares S&P/TSX Global Gold Index ETF (TSE:XGD.TO) Seasonal Chart
Vanguard Information Technology ETF (NYSE:VGT) Seasonal Chart
The Markets
Stocks are remaining relentless with the S&P 500 Index pushing further into new 52-week high territory. The large-cap benchmark finished higher by just less than seven-tenths of one percent, pushing the Relative Strength Index (RSI) into overbought territory above 70 for the first time since last August. The benchmark is stretched to the upside in the short-term according to any number of measures, but this hasn’t alleviated buying demand now that the breakout above significant resistance at 4200 has been achieved. Support remains apparent at the congestion of rising major moving averages, now between 4000 and 4160. This market has yet to show the stagnant tendencies that are normal for the off-season for stocks between May and October, but the next two weeks could shake things up given the onset of the first of the two weakest spans for the market that traditionally warrants limiting risk in investment portfolios until the average summer rally period begins at month-end.
Today, in our Market Outlook to subscribers, we discuss the following:
- The rare instance of the S&P 500 Index stretched well above its 200-day moving average, but a number of the benchmark’s constituents have yet to re-take the same hurdle as support
- US Consumer Price Index (CPI) and the stickiness of inflationary pressures in the economy
- Treasury Bonds
- The start of the first weakest two-week span of the year for stocks
- Shipping volumes and expenditures
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Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.80.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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