Stock Market Outlook for July 19, 2023
Data released on Tuesday continues to express the struggle in the manufacturing economy, but consumer activity may be starting to lag as well.
*** 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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Sun Life Financial (NYSE:SLF) Seasonal Chart
Glacier Bancorp, Inc. (NYSE:GBCI) Seasonal Chart
Eldorado Gold Corp. (NYSE:EGO) Seasonal Chart
National Bank Holdings Corp. (NYSE:NBHC) Seasonal Chart
The Markets
Stocks continued to climb on Tuesday as investors reacted positively to earnings and expressed ongoing optimism to the technology sector given the evolution of artificial intelligence (AI). The S&P 500 Index closed with a gain of just over seven-tenths of one percent, tacking on to the already strong summer rally timeframe that typically sees the best of its returns peak on the 17th of July. Price remains supported by the 20-day moving average, now at 4427, and major moving averages continue to fan out in a bullish manner. The Relative Strength Index (RSI) continues to push further into overbought territory above 70, a stretched condition that threatens near-term buying exhaustion. Despite the overbought state, momentum indicators are still showing showing characteristics of a bullish trend above their middle lines. The benchmark is now less than 50-points away from our proposed upside target of 4600, which was the calculated potential based on the breakout of the 400-point range between 3800 and 4200 and a level that we were on the lookout for as part of the summer rally gyration.
Today, in our Market Outlook to subscribers, we discuss the following:
- US Retail Sales
- US Industrial Production
- Business Sales and Inventories
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for July 19
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Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.75.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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