Stock Market Outlook for June 27, 2024
Bring on the summer rally!
*** 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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Gyre Therapeutics, Inc. (NASD:GYRE) Seasonal Chart
The Markets
Stocks closed mixed on Wednesday as portfolio managers conduct their final trades before the end of the quarter and first half of the year. The S&P 500 Index closed with a gain of just less than two-tenths of one percent, remaining within a tight consolidation span that it has been within for the past week between 5445 and 5500. A break of the short-term span would have upside or downside implications of the same magnitude. Major moving averages continue to fan out positively below price, providing a number of points of support should a correction commence. The Relative Strength Index (RSI) has ticked back into overbought territory above 70, but, similar to the fanning out of major moving averages below price, characteristics of a bullish trend are readily apparent.
Today, in our Market Outlook to subscribers, we discuss the following:
- The Summer Rally and the change we are making in the Super Simple Seasonal Portfolio
- New Home Sales and the stocks of homebuilders
- Consumer loan activity
- US Petroleum Supply and Demand heading into the height of driving season
- Investor sentiment
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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Sentiment on Wednesday, as gauged by the put-call ratio, ended bullish at 0.69.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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