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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.

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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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Signet Jewelers Ltd. (NYSE:SIG) Seasonal Chart

Signet Jewelers Ltd. (NYSE:SIG) Seasonal Chart

BMO US Put Write Hedged to CAD ETF (TSE:ZPH.TO) 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.

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
  • Job Openings and Labor Turnover Survey (JOLTs)

Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for July 3

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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:

Constellation Brands Inc Seasonal Chart


S&P 500 Index


TSE Composite


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