Stock Market Outlook for July 9, 2024
The upside target of one of the most influential market constituents has been reached, opening the door to consolidation and/or rotation.
*** 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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Global Medical REIT Inc. (NYSE:GMRE) Seasonal Chart
Origin Bancorp, Inc. (NYSE:OBK) Seasonal Chart
Equitable Holdings, Inc. (NYSE:EQH) Seasonal Chart
Essential Properties Realty Trust, Inc. (NYSE:EPRT) Seasonal Chart
Capital Bancorp Inc. (NASD:CBNK) Seasonal Chart
Alimentation Couche-Tard, Inc. (TSE:ATD.TO) Seasonal Chart
Invesco S&P 500 Momentum ETF (AMEX:SPMO) Seasonal Chart
Belo Sun Mining Corp. (TSE:BSX.TO) Seasonal Chart
GOGO Inc. (NASD:GOGO) Seasonal Chart
Booz Allen Hamilton Holding Corp. (NYSE:BAH) Seasonal Chart
Ing Groep NV ADR (NYSE:ING) Seasonal Chart
The Markets
Stocks closed fairly mixed on Monday as traders continue to prioritize investments in the technology sector, the ETF of which (XLK) continues to reach record heights. The S&P 500 Index closed with a gain of a tenth of one percent, extending the gains that notoriously occur around this time of year amidst the summer rally for the equity market. Successful tests of the 20, 50, and 100-day moving averages since April have defined these hurdles as support, keeping the benchmark on this positive slope heading through the middle of the year. Any type of negative divergences compared to price previously that provided hints of buying exhaustion have been eliminated as previous declining trendline resistance on MACD moves into a position of support. Characteristics of a bullish trend persist, even as the Relative Strength Index (RSI) reaches further into overbought territory above 70. Around a week and a half remains in this positive mid-year timeframe for stocks that has acted as the catalyst to break the benchmark out of its short-term consolidation span between 5445 and 5500 and there is nothing yet to suggest we have seen the peak for this mid-year move higher.
Today, in our Market Outlook to subscribers, we discuss the following:
- Relative performance of high beta stocks testings long-term horizontal support
- Upside target of the Computer Hardware industry (Apple) has been achieved
- Our weekly chart books update, along with our list of all segments of the market to either Accumulate or Avoid
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- Commodities
- Major Benchmarks
- Sub-sectors / Industries
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Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.79.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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