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Stock Market Outlook for June 27, 2023

The average summer rally period is at our doorstep.

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*** 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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Rush Enterprises Inc. (NASD:RUSHA) Seasonal Chart

Rush Enterprises Inc. (NASD:RUSHA) Seasonal Chart

Skyline Corp. (NYSE:SKY) Seasonal Chart

Skyline Corp. (NYSE:SKY) Seasonal Chart

Catalyst Biosciences Inc. (NASD:CBIO) Seasonal Chart

Catalyst Biosciences Inc. (NASD:CBIO) Seasonal Chart

Direxion Daily Technology Bull 3x Shares (NYSE:TECL) Seasonal Chart

Direxion Daily Technology Bull 3x Shares (NYSE:TECL) Seasonal Chart



The Markets

Stocks closed lower on Monday, led by many of the growth names that have flourished so far this year, as portfolio managers continue to rebalance their books back to investment policy guidelines ahead of the end of the quarter.  The S&P 500 Index closed down by just less than half of one percent, pulling back towards short-term support at the 20-day moving average of 4312.  Major moving averages continue to fan out, providing a number of points to shoot off of should a further correction ensue.  Momentum indicators have alleviated overbought readings and MACD has now triggered a sell signal following the crossover below its signal line.  Still, despite the sell signals that have been generated by both RSI and MACD in recent days, both are retaining characteristics of a bullish trend above their middle lines, which is a distinct shift from the bearish characteristics that were persistent through the first half of last year.  Seasonally, the average start to the summer rally period begins as of the close of today (June 27th) and looking to increase risk (equity) exposure for this timeframe that typically runs through the middle of July can typically add alpha to portfolios.

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

  • The Summer Rally period in the market
  • Our Weekly Chart Books update: Find out which notable asset joins our Accumulate list
  • Copper
  • Which segments of the market we would lean into as part of the summer rally period for the market and as part of the ongoing intermediate-term trend
  • Biotechnology
  • Emerging Markets: India

Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for June 27

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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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Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.88.


Seasonal charts of companies reporting earnings today:

Walgreens Boots Alliance, Inc. Seasonal Chart TD SYNNEX Corporation Seasonal Chart Jefferies Financial Group Inc. Seasonal Chart Korn Ferry Seasonal Chart AeroVironment, Inc. Seasonal Chart Novagold Resources Inc. Seasonal Chart Manchester United Ltd. Seasonal Chart Schnitzer Steel Industries, Inc. Seasonal Chart LiveOne, Inc. Seasonal Chart


S&P 500 Index


TSE Composite


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