Equity Clock

Stock Market Outlook for June 9, 2021

 

*** 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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WEC Energy Group, Inc. (NYSE:WEC) Seasonal Chart

Standex Intl Corp. (NYSE:SXI) Seasonal Chart

Franchise Group Inc (NASD:FRG) Seasonal Chart

iShares NASDAQ 100 Index ETF (CAD-Hedged) (TSE:XQQ.TO) Seasonal Chart

Pacer Trendpilot 100 ETF (AMEX:PTNQ) Seasonal Chart

Vanguard Russell 1000 Growth ETF (NASD:VONG) Seasonal Chart

 

The Markets

Stocks edged higher on Tuesday led by reopening stocks after the Centers for Disease Control and Prevention eased its travel recommendations for 61 countries.  The S&P 500 Index closed just above the unchanged level on the day, remaining above short-term support at the 20-day moving average.  Intermediate support at the rising 50-day moving average is closing in on short-term support at the 20-day in what is threatening to be a bearish crossover.  Momentum indicators continue to point higher following the MACD buy signal that was triggered around a week and a half ago, although action in these technical indicators remain highly tenuous.  This market appears to be searching for the next catalyst to fuel direction.

Today, in our Market Outlook to subscribers, we discuss the following:

• Signs of mean reversion in the market ahead of quarter-end
• Bond ETFs breaking out
• Bitcoin and the important level that is presently being tested
• Job Openings and Labor Turnover Survey and the emerging trend within the results
• Canada Merchandise Trade and what is driving the activity

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Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.65.

 

Seasonal charts of companies reporting earnings today:

 

S&P 500 Index

 

TSE Composite

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