Stock Market Outlook for July 22, 2024
*** 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:
Subscribers Click on the relevant link to view the full profile. Not a subscriber? Signup here.
iShares Intermediate-Term Corporate Bond ETF (NASD:IGIB) Seasonal Chart
Fortive Corp. (NYSE:FTV) Seasonal Chart
BMO Mid Federal Bond Index ETF (TSE:ZFM.TO) Seasonal Chart
iShares Canadian Universe Bond Index ETF (TSE:XBB.TO) Seasonal Chart
Tennessee Valley Authorit (NYSE:TVE) Seasonal Chart
Graham Corp. (NYSE:GHM) Seasonal Chart
WisdomTree Bloomberg US Dollar Bullish Fund (AMEX:USDU) Seasonal Chart
Vanguard Total International Bond ETF (NASD:BNDX) Seasonal Chart
BMO Aggregate Bond Index ETF (TSE:ZAG.TO) Seasonal Chart
iShares Core High Quality Canadian Bond Index ETF (TSE:XQB.TO) Seasonal Chart
SkyWest, Inc. (NASD:SKYW) Seasonal Chart
Parkland Fuel Corp. (TSE:PKI.TO) Seasonal Chart
Autodesk, Inc. (NASD:ADSK) Seasonal Chart
IQ Merger Arbitrage ETF (NYSE:MNA) Seasonal Chart
BMO S&P/TSX Equal Weight Banks Index ETF (TSE:ZEB.TO) Seasonal Chart
Assurant Inc. (NYSE:AIZ) Seasonal Chart
BMO Covered Call Canadian Banks ETF (TSE:ZWB.TO) Seasonal Chart
The Markets
Stocks remained unsettled into the end of the week now that the average peak to the summer rally has past. The S&P 500 Index closed Friday’s session with a loss of just over seven-tenths of one percent, ending below the 20-day moving average (5540) for the first time since May. A short-term downside gap remains open between 5622 and 5658, a zone that will act as the cap to the summer rally that has now past its average peak. Major moving averages continue to fan out positively, but any pressuring of these zones as support could shift this bullish characteristic through the months ahead. Wednesday’s abrupt downturn has pulled the Relative Strength Index (RSI) out of overbought territory to now sit at the lowest level in a month and a half, suggesting a near-term peak to this momentum indicator and providing a near-term signal to sell as we head towards the most volatile period on the calendar in August, September, and October. The time is here to prepare portfolio strategy for the period of volatility for stocks that runs through the next three months.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly look at the large-cap benchmark and the potential divergence that is materializing
- The abrupt selloff of Copper
- High Beta over Low Volatility
- The evolving decline of liquidity available to the market
- Canadian Retail Sales
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for July 22
Not signed up yet? Subscribe now to receive full access to all of the research and analysis that we publish.
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
| Sponsored By... |
|
