Stock Market Outlook for July 5, 2024
Metal prices on the move again, which bodes well for the stocks of the miners.
*** 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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Qorvo, Inc. (NASD:QRVO) Seasonal Chart
Bank Of Montreal (NYSE:BMO) Seasonal Chart
iShares Global 100 ETF (NYSE:IOO) Seasonal Chart
Unum Group (NYSE:UNMA) Seasonal Chart
Grindrod Shipping Holdings Ltd (NASD:GRIN) Seasonal Chart
Walmart Inc. (NYSE:WMT) Seasonal Chart
Arch Coal, Inc. (NYSE:ARCH) Seasonal Chart
iShares International High Yield Bond ETF (AMEX:HYXU) Seasonal Chart
ValueShares US Quantitative Value ETF (NASD:QVAL) Seasonal Chart
Alpha and Omega Semiconductor Ltd. (NASD:AOSL) Seasonal Chart
Note: Thursday is a holiday in the United States (Independence Day) and, as a result, our next report will be released on Friday. Happy Independence Day to our US audience!
The Markets
Stocks closed firmly higher on Wednesday as the upbeat sentiment that surrounds the Independence Day holiday fuelled another uptick to the summer rally timeframe. The S&P 500 Index closed with a gain of just over half of one percent, continuing to make progress above the short-term consolidation span that ranged from 5445 to 5500. Upside implications of the breakout are to 5555, or 1% above the breakout point. A bounce from levels around the 20-day moving average (5441) can be seen, further ingraining positive trends across multiple time horizons (short, intermediate, and long-term). Overbought conditions persist with the Relative Strength Index (RSI) back above 70 and MACD hovering in the upper quadrant of its historical range. Positive tendencies for stocks persist, on average, through to the 17th of July, following which investors will need to be on guard for the period of volatility for stocks that spans the remainder of the third quarter.
Today, in our Market Outlook to subscribers, we discuss the following:
- The jump in Copper
- Metal miners
- US Vehicle Sales
- Auto Stocks (Tesla)
- Weekly Jobless Claims and the health of the labor market
- A look ahead to the Non-Farm Payroll report
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Sentiment on Wednesday,as gauged by the put-call ratio, ended bullish at 0.83.
Seasonal charts of companies reporting earnings today:
- No significant earnings scheduled for today
S&P 500 Index
TSE Composite
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