Stock Market Outlook for June 26, 2023
Gauges of risk sentiment turning lower from horizontal points of resistance.
*** 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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Greif Bros. Corp. (NYSE:GEF/B) Seasonal Chart
CNB Financial Corp. (NASD:CCNE) Seasonal Chart
Tempur-Pedic Intl Inc. (NYSE:TPX) Seasonal Chart
The Markets
Stocks continued to slide on Friday as the mean reversion in the market ahead of the end of the quarter progresses. The S&P 500 Index shed just over three-quarters of one percent, inching closer to short-term support at the rising 20-day moving average around 4300. Intermediate support can be pegged at the 50-day moving average close to 4200. The benchmark continues to pullback from overbought territory and MACD remains on the verge of charting a bearish crossover of its signal line in what would amount to a new sell signal if achieved. The intermediate-term trend remains that of higher-highs and higher-lows and this is not expected to show an imminent change with the normal summer rally period that runs through the first few weeks of July, directly ahead.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly look at the large-cap benchmark
- Gauges of risk rolling over from horizontal levels of resistance
- Positioning/sentiment no longer a tailwind for stocks
- The debt burden that is increasingly taking its toll on consumer budgets
- The diverging paths of consumer and business loans
- Energy commodity demand/supply and the divergence of the trend of price this year compared to the seasonal norm
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for June 26
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Sentiment on Friday, as gauged by the put-call ratio, ended bullish at 0.88.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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