Equity Clock

Stock Market Outlook for June 24, 2021

The sizeable drawdowns in oil inventories continue, but find out why our enthusiasm towards the energy sector has been dampened in today’s report.

 

 

 

*** 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:

Subscribers – Click on the relevant link to view the full profile. Not a subscriber? Signup here.

Community Bank Sys, Inc. (NYSE:CBU) Seasonal Chart

Huntsman Corp. (NYSE:HUN) Seasonal Chart

White Gold Corp. (TSXV:WGO.V) Seasonal Chart

iShares Global Financials ETF (NYSE:IXG) Seasonal Chart

 

 

The Markets

Stocks closed mixed on Wednesday in what was a quiet session, typical of the summer season.  The S&P 500 Index shed just over one-tenth of one percent, sitting at the door-step of all-time highs.  Support remains apparent at the rising 50-day moving average, despite the crack that was recorded on Friday.  The rising trend channel that has persisted over an intermediate-term scale remains intact.  The limits of the rising span can be pegged around 4200 and 4400.  The market remains in this mean-reversion/portfolio rebalance period that typically has a downward bias through to the final days of the month; thus far, the large-cap benchmark is just mildly lower, showing impressive resilience as buyers continue to step in to buy the dip.  Let the market do what it needs to do over the next few days and then prepare for the summer rally period that stretches into the middle of July.

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

• US Petroleum Inventories and what the results indicate for our stance in the energy sector
• The price of Crude Oil
• US New Home Sales and the dynamics that have resulted
• Canadian Retail Sales and the strength of the Canadian consumer

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Sentiment on Wednesday, as gauged by the put-call ratio, ended bullish at 0.70.

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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