Equity Clock

Stock Market Outlook for June 10, 2021

The activity that we’re seeing in the market is very typical for this time of year; Find out how to play it and what to target next as we look out on our seasonal timeline into the middle of summer.

 

 

 

*** 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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Newmont Corporation (NYSE:NEM) Seasonal Chart

MBIA Inc. (NYSE:MBI) Seasonal Chart

Wesdome Gold Mines Ltd. (TSE:WDO.TO) Seasonal Chart

Life Storage, Inc. (NYSE:LSI) Seasonal Chart

SKTelecom Co. Ltd. (NYSE:SKM) Seasonal Chart

ASA Gold and Precious Metals Ltd. (NYSE:ASA) Seasonal Chart

SPDR Barclays Convertible Securities ETF (NYSE:CWB) Seasonal Chart

PIMCO California Municipal Income Fund (NYSE:PCQ) Seasonal Chart

Invesco Emerging Markets Sovereign Debt ETF (NYSE:PCY) Seasonal Chart

 

 

The Markets

Stocks dipped into the red Wednesday as traders were unable to maintain early day strength.  The S&P 500 Index slipped by around two-tenths of one percent, continuing to show this struggle around short-term resistance near the 4200 hurdle.  Short-term support at the 20-day moving average remains intact, as is intermediate support at the rising 50-day moving average, now hovering around 4155.  An intermediate-term trend of higher-highs and higher-lows remains unviolated, bounded by rising trendline support around 4150 and rising trendline resistance at 4350.  The action of momentum indicators remains highly tenuous as the market consolidates its gains from the past many months.

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

• The strategy through the remainder of June and into the summer rally period in July
• Strength in the bond market and the upside target for some notable treasury ETFs
• US Petroleum Status and the near-term pause in prices that is possible ahead
• The Energy Exploration ETF
• US Wholesale Trade and where the action is

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Sentiment on Wednesday, 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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