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Stock Market Outlook for July 19, 2023

Data released on Tuesday continues to express the struggle in the manufacturing economy, but consumer activity may be starting to lag as well.

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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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Sun Life Financial (NYSE:SLF) Seasonal Chart

Sun Life Financial (NYSE:SLF) Seasonal Chart

Glacier Bancorp, Inc. (NYSE:GBCI) Seasonal Chart

Glacier Bancorp, Inc. (NYSE:GBCI) Seasonal Chart

Eldorado Gold Corp. (NYSE:EGO) Seasonal Chart

Eldorado Gold Corp. (NYSE:EGO) Seasonal Chart

National Bank Holdings Corp. (NYSE:NBHC) Seasonal Chart

National Bank Holdings Corp. (NYSE:NBHC) Seasonal Chart



The Markets

Stocks continued to climb on Tuesday as investors reacted positively to earnings and expressed ongoing optimism to the technology sector given the evolution of artificial intelligence (AI). The S&P 500 Index closed with a gain of just over seven-tenths of one percent, tacking on to the already strong summer rally timeframe that typically sees the best of its returns peak on the 17th of July.  Price remains supported by the 20-day moving average, now at 4427, and major moving averages continue to fan out in a bullish manner.  The Relative Strength Index (RSI) continues to push further into overbought territory above 70, a stretched condition that threatens near-term buying exhaustion.  Despite the overbought state, momentum indicators are still showing showing characteristics of a bullish trend above their middle lines.  The benchmark is now less than 50-points away from our proposed upside target of 4600, which was the calculated potential based on the breakout of the 400-point range between 3800 and 4200 and a level that we were on the lookout for as part of the summer rally gyration.

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

  • US Retail Sales
  • US Industrial Production
  • Business Sales and Inventories

Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for July 19

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Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.75.  


Seasonal charts of companies reporting earnings today:

Tesla, Inc. Seasonal Chart ASML Holding N.V. Seasonal Chart Netflix, Inc. Seasonal Chart International Business Machines Corporation Seasonal Chart Goldman Sachs Group, Inc. (The) Seasonal Chart Elevance Health, Inc. Seasonal Chart U.S. Bancorp Seasonal Chart Crown Castle Inc. Seasonal Chart Las Vegas Sands Corp. Seasonal Chart Kinder Morgan, Inc. Seasonal Chart Baker Hughes Company Seasonal Chart Halliburton Company Seasonal Chart Discover Financial Services Seasonal Chart Equifax, Inc. Seasonal Chart Nasdaq, Inc. Seasonal Chart M&T Bank Corporation Seasonal Chart Steel Dynamics, Inc. Seasonal Chart United Airlines Holdings, Inc. Seasonal Chart Northern Trust Corporation Seasonal Chart Citizens Financial Group, Inc. Seasonal Chart Rexford Industrial Realty, Inc. Seasonal Chart Ally Financial Inc. Seasonal Chart First Industrial Realty Trust, Inc. Seasonal Chart First Horizon Corporation Seasonal Chart Alcoa Corporation Seasonal Chart Commerce Bancshares, Inc. Seasonal Chart Synovus Financial Corp. Seasonal Chart Wintrust Financial Corporation Seasonal Chart Zions Bancorporation N.A. Seasonal Chart Columbia Banking System, Inc. Seasonal Chart F.N.B. Corporation Seasonal Chart Calix, Inc Seasonal Chart Cohen & Steers Inc Seasonal Chart Liberty Energy Inc. Seasonal Chart SL Green Realty Corp Seasonal Chart Marten Transport, Ltd. Seasonal Chart Banner Corporation Seasonal Chart Monarch Casino & Resort, Inc. Seasonal Chart National Bank Holdings Corporation Seasonal Chart Preferred Bank Seasonal Chart Great Southern Bancorp, Inc. Seasonal Chart NVE Corporation Seasonal Chart


S&P 500 Index


TSE Composite


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