Equity Clock

Stock Market Outlook for July 8, 2020

Summer rally period for stocks stalls as the S&P 500 Index bumps its head on resistance around 3190.

 

 

*** 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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Intl Flavors & Fragrances (NYSE:IFF) Seasonal Chart

Heritage Financial Corp. (NASD:HFWA) Seasonal Chart

Brompton Split Banc Corp. (TSE:SBC.TO) Seasonal Chart

SPDR EURO STOXX 50 ETF (NYSE:FEZ) Seasonal Chart

Invesco China Small Cap ETF (NYSE:HAO) Seasonal Chart

iShares MSCI China ETF (NASD:MCHI) Seasonal Chart

 

 

The Markets

Stocks dipped on Tuesday as investors took a breather following five straight sessions of gains.  The S&P 500 Index shed 1.08%, weighed down by energy, financial, and industrial stocks as the reopening trade stalled given the concerning rise in coronavirus cases in the US.  Momentum indicators continue to point higher and MACD even came close to triggering a new daily buy signal intraday.  For now, momentum indicators on the large-cap benchmark continue to show characteristics of a bullish trend (eg. turning higher from around the mid-point of their ranges, signs of higher-highs and higher-lows from the market low set in March).  The benchmark managed to maintains levels above previous resistance at 3130 by the closing bell.

Want to know which areas of the market to buy or sell?  Our Weekly Chart Books have just been updated, providing a clear Accumulate, Avoid, or Neutral rating for currencies, cryptocurrencies, commodities, broad markets, and subsectors/industries of the market.  Subscribers can login and click on the relevant links to access.

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On the economic front, we received the tally of vehicle sales for the month of June.  Subscribe now to receive our report breaking down this significant weight in overall retail sales activity for the month.

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

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