Stock Market Outlook for July 15, 2024
Interest rate sensitive segments of the market break out as inflationary pressures breakdown.
*** 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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United Parcel Service, Inc. (NYSE:UPS) Seasonal Chart
Clearway Energy, Inc. (NYSE:CWEN) Seasonal Chart
NorthEast Community Bancorp Inc. (NASD:NECB) Seasonal Chart
BMO Equal Weight U.S. Banks Index ETF (TSE:ZBK.TO) Seasonal Chart
iShares U.S. Financials ETF (NYSE:IYF) Seasonal Chart
Vanguard Intermediate-Term Corporate Bond ETF (NASD:VCIT) Seasonal Chart
Vanguard High Dividend Yield ETF (NYSE:VYM) Seasonal Chart
Pacer US Cash Cows 100 ETF (AMEX:COWZ) Seasonal Chart
Vanguard US Quality Factor ETF (AMEX:VFQY) Seasonal Chart
Charles Schwab Corp. (NYSE:SCHW) Seasonal Chart
Southern Co. (NYSE:SO) Seasonal Chart
Canadian Imperial Bank Of Commerce (TSE:CM.TO) Seasonal Chart
Royal Caribbean Cruises (NYSE:RCL) Seasonal Chart
Raymond James Financial Inc. (NYSE:RJF) Seasonal Chart
Applied Industrial Technologies Inc. (NYSE:AIT) Seasonal Chart
Canadian Pacific Railway (TSE:CP.TO) Seasonal Chart
Invesco Bond Fund (NYSE:VBF) Seasonal Chart
iShares Canadian HYBrid Corporate Bond Index ETF (TSE:XHB.TO) Seasonal Chart
BMO High Yield US Corporate Bond Index ETF (TSE:ZJK.TO) Seasonal Chart
Regions Financial Corp. (NYSE:RF) Seasonal Chart
iShares Canadian Short Term Bond Index ETF (TSE:XSB.TO) Seasonal Chart
KLA Corp. (NASD:KLAC) Seasonal Chart
SPDR Barclays Convertible Securities ETF (NYSE:CWB) Seasonal Chart
iShares Global Financials ETF (NYSE:IXG) Seasonal Chart
The Markets
Stocks closed higher to end the week as the market makes an attempt at rotation towards some of this year’s laggards. The S&P 500 Index gained just over half of one percent, seemingly “bobbing” around the 5600 level that the benchmark been hovering around since Wednesday. Short-term support can continue to be pegged at the rising 20-day moving average (5408), working in a position to support this mid-year period of strength that normally runs into the middle of July. Major moving averages continue to fan out in a positive manner, which is characteristic of a bullish trend and is conducive to providing the positive backdrop that is upon us. The consecutive back-to-back daily gyrations has pushed the Relative Strength Index (RSI) back into overbought territory above 70, still highlighting a buying demand for stocks around these record heights. The period of average volatility follows this strong mid-year period for stocks, therefore planning out stops on current holdings may be prudent to assure that risk mitigation efforts through August, September, and October are deployed effectively while looking for the opportunity to overweight bond market allocations.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly look at the large-cap benchmark
- US Producer Price Index (PPI) and the opposing directions of services and goods prices
- The breakdown of inflationary pressures and the investment implications
- The move in interest rate sensitive segments of the market
- Biotechnology stocks
- The Health Care sector
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Sentiment on Friday, as gauged by the put-call ratio, ended bullish at 0.83.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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