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Stock Market Outlook for June 18, 2024

Emerging markets are increasingly showing an appealing setup compared to developed market equities.

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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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Kimco Realty Corp. (NYSE:KIM) Seasonal Chart

Kimco Realty Corp. (NYSE:KIM) Seasonal Chart

C-COM Satellite Systems (TSXV:CMI.V) Seasonal Chart

C-COM Satellite Systems (TSXV:CMI.V) Seasonal Chart

Delta Resources Limited (TSXV:DLTA.V) Seasonal Chart

Delta Resources Limited (TSXV:DLTA.V) Seasonal Chart

Vizsla Silver Corp. (TSXV:VZLA.V) Seasonal Chart

Vizsla Silver Corp. (TSXV:VZLA.V) Seasonal Chart


The Markets

Stocks rallied on Monday amidst ongoing strength in the Artificial Intelligence (semiconductor) trade and target upgrades for the S&P 500 Index by some notable Wall Street analysts that told a story of higher prices still to come.  The large-cap benchmark ended with a gain of just over three-quarters of one percent, continuing to show elevation above the 20-day moving average (5335).  Support can continue to be pegged to the 50-day moving average (5215), a level that is preventing the revelation of a topping setup that most core-cyclical segments (materials, industrials, financials) are showing.  The Relative Strength Index (RSI) has pushed further into overbought territory, but this has yet to turn off buying demand for specific themes (eg. semiconductors) during this time of year when the market is typically prone to mean-reversion/weakness between now and the 27th of June.  There remains a lack of enticement to be aggressive in stocks over the near-term, but that does not mean that there are not things to Accumulate (see our list of candidates to Accumulate and to Avoid).  The start of the average summer rally period is now around 10 days away, a period that tends to lift a broad basket of exposure into the start of the third quarter, but, until then, traders should be prepared for potential counter-trend moves as portfolio managers re-balance their books ahead of the conclusion of the second quarter.

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

  • Our weekly chart books update, along with our list of all segments of the market to either Accumulate or Avoid
  • When the strongest gains in Treasury prices typically occur
  • The relative performance Emerging Markets versus Developed Markets
  • China Large Caps

Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for June 18

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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:

KB Home Seasonal Chart Patterson Companies, Inc. Seasonal Chart America's Car-Mart, Inc. Seasonal Chart Vince Holding Corp. Seasonal Chart


S&P 500 Index


TSE Composite


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