Stock Market Outlook for July 26, 2024
The fundamentals to natural gas are starting to look interesting following weeks of minor injections to inventories and as the period of seasonal strength for the commodity nears.
*** 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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SPDR Portfolio Aggregate Bond ETF (AMEX:SPAB) Seasonal Chart
ProShares VIX Mid-Term Futures ETF (NYSE:VIXM) Seasonal Chart
NVIDIA Corp. (NASD:NVDA) Seasonal Chart
IQ Hedge Multi-Strategy Tracker ETF (NYSE:QAI) Seasonal Chart
Limbach Holdings, Inc. (NASD:LMB) Seasonal Chart
iShares Core Balanced ETF Portfolio (TSE:XBAL.TO) Seasonal Chart
Ubiquiti Inc. (NYSE:UI) Seasonal Chart
Tupperware Brands Corp. (NYSE:TUP) Seasonal Chart
United States 12 Month Natural Gas Fund (NYSE:UNL) Seasonal Chart
Vanguard Emerging Markets Government Bond ETF (NASD:VWOB) Seasonal Chart
ProShares Hedge Replication ETF (NYSE:HDG) Seasonal Chart
iShares Core US Treasury Bond ETF (AMEX:GOVT) Seasonal Chart
Fortis, Inc. (TSE:FTS.TO) Seasonal Chart
Eldorado Gold Corp. (NYSE:EGO) Seasonal Chart
C.H. Robinson Worldwide, Inc. (NASD:CHRW) Seasonal Chart
Vanguard Total Bond Market ETF (NASD:BND) Seasonal Chart
The Markets
Volatility in the market continues to grow as stocks failed to hold mid-day gains on Thursday. The S&P 500 Index closed down by just over half of one percent, moving below the 50-day moving average (5431) for the first time since the start of May. A couple of gaps remain open overhead, including Wednesday’s downside open between 5508 and 5550, adding multiple layers of resistance overhead that have capped the now past summer rally period. Near-term momentum remains negative as formerly beloved growth trades circle back towards levels of intermediate-term (multi-month) support. Heading into the end of July, it would not be surprising to see a reprieve in near-term downside pressures, but the period of volatility/weakness in the market is just beginning, something that tends to have a more significant influence in August, September, and October. Defensive assets and volatility hedges are certainly preferred at this time of year and amidst the present technical and fundamental backdrops. Both of our model portfolios have been positioned for the volatility that is now being realized and our list of market candidates to Accumulate is blanketed with securities that are positioned well to mitigate the erratic trading environment that is normal through the remainder of the third quarter.
Today, in our Market Outlook to subscribers, we discuss the following:
- US Durable Goods Orders and the investment implications within
- Weekly jobless claims and the health of the labor market
- Natural Gas
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for July 26
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Sentiment on Thursday, as gauged by the put-call ratio, ended close to neutral at 0.98.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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