Stock Market Outlook for July 24, 2024
Existing Home Sales show the weakest June change on record and prices are becoming vulnerable to pulling back, potentially impacting the wealth effect in the economy.
*** 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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Invesco Variable Rate Investment Grade ETF (NASD:VRIG) Seasonal Chart
SPDR DoubleLine Short Duration Total Return Tactical ETF (AMEX:STOT) Seasonal Chart
Direxion Daily S&P 500 Bear 1X Shares ETF (AMEX:SPDN) Seasonal Chart
Vident Core US Bond Strategy ETF (AMEX:VBND) Seasonal Chart
BMO Floating Rate High Yield ETF (TSE:ZFH.TO) Seasonal Chart
Meridian Corp. (NASD:MRBK) Seasonal Chart
JPMorgan Ultra-Short Income ETF (AMEX:JPST) Seasonal Chart
iShares JPMorgan USD Emerging Markets Bond ETF (NASD:EMB) Seasonal Chart
ProShares UltraShort Dow30 (NYSE:DXD) Seasonal Chart
WisdomTree High Dividend Fund (NYSE:DHS) Seasonal Chart
iShares MSCI World Index ETF (TSE:XWD.TO) Seasonal Chart
iShares Government/Credit Bond ETF (NYSE:GBF) Seasonal Chart
Ivanhoe Mines Ltd. (TSE:IVN.TO) Seasonal Chart
J&J Snack Foods Corp. (NASD:JJSF) Seasonal Chart
SPDR Barclays Intermediate Term Treasury ETF (NYSE:SPTI) Seasonal Chart
Invesco Dividend Achievers ETF (NASD:PFM) Seasonal Chart
Cal-Maine Foods, Inc. (NASD:CALM) Seasonal Chart
The Markets
Stocks closed mildly lower on Tuesday as the period of volatility/weakness for stocks begins. The S&P 500 Index closed down by just less than two-tenths of one percent, ending right around the 20-day moving average (5550) that was broken into the end of last week. Momentum remains near-term negative following last week’s decline, but the Relative Strength Index (RSI) is attempting to hold levels around the 50-line in order to keep characteristics of a bullish trend intact. 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. 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:
- Small Caps and Banks reaching towards the upside targets that their recent breakouts have suggested
- US Existing Home Sales
- The bifurcation that is playing out in the commodity market and the need to scrutinize the stocks of producers
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Sentiment on Tuesday, as gauged by the put-call ratio, ended close to neutral at 0.96.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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