Stock Market Outlook for June 11, 2024
While REITs are the only core-defensive sector that have struggled to attract buying demand in this risk-off market, Residential REITs are providing a setup to be attracted to.
*** 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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Opko Health Inc. (NASD:OPK) Seasonal Chart
Vanguard Information Technology ETF (NYSE:VGT) Seasonal Chart
The Markets
Markets ended mildly higher on Monday, despite a reversal in market titan Apple (AAPL) following their Artificial Intelligence (AI) operating system integration announcement. The S&P 500 Index closed with a gain of just over a quarter of one percent, enough to punch out another record closing high. The large-cap benchmark continues to peg support at its 50-day moving average (5192), allowing traders to move up their stops to long positions from the more intermediate-term level of support at the 100-day average (5119). Negative momentum divergences remain intact, failing to confirm the new highs in price. Seasonal tendencies suggest mitigating risk (stock) exposure in portfolios though the next few weeks given the mean-reversion/portfolio re-balancing that is normal ahead of the end of the quarter, but weakness that materializes in during this timeframe typically provides buying opportunities for the summer rally period in stocks that follows.
Today, in our Market Outlook to subscribers, we discuss the following:
- The strict level of resistance on shares of Apple (AAPL)
- Our weekly chart books update, along with our list of all segments of the market to either Accumulate or Avoid
- Residential REITs
- Emerging market equities and the cycles of performance that have been seen in recent history
- Copper
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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.
- Currencies
- Cryptocurrencies
- Commodities
- Major Benchmarks
- Sub-sectors / Industries
- ETFs: Bonds | Commodities | Equity Markets | Industries | Sectors
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Sentiment on Monday, as gauged by the put-call ratio, ended slightly bullish at 0.89.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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