Stock Market Outlook for July 3, 2024
The trend of job openings in the US is reminiscent of the past couple of economic recessions in the US.
*** 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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Signet Jewelers Ltd. (NYSE:SIG) Seasonal Chart
BMO US Put Write Hedged to CAD ETF (TSE:ZPH.TO) Seasonal Chart
The Markets
Stocks rallied on Tuesday as the positive influence attributed to the summer rally period takes hold. The S&P 500 Index closed higher by just over six-tenths of one percent, ending marginally above the short-term trading range that the benchmark has been within for the past week and a half between 5445 and 5500. Upside implications of the breakout are to 5555, or 1% above the breakout point. A bounce from levels around the 20-day moving average (5429) can be seen, further ingraining the positive trends across multiple time horizons (short, intermediate, and long-term). Overbought conditions persist with the Relative Strength Index (RSI) back above 70 and MACD hovering in the upper quadrant of its historical range. Positive tendencies for stocks persist, on average, through to the 17th of July, following which investors will need to be on guard for the period of volatility for stocks that spans the remainder of the third quarter.
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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
- Job Openings and Labor Turnover Survey (JOLTs)
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Sentiment on Tuesday, as gauged by the put-call ratio, ended slightly bullish at 0.91.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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