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Stock Market Outlook for July 8, 2019


Summer rally period gets into full swing, fuelling a breakout on the S&P 500 Index.

 

Real Time Economic Calendar provided by Investing.com.

 

*** 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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United Parcel Service, Inc. (NYSE:UPS) Seasonal Chart

United Parcel Service, Inc. (NYSE:UPS) Seasonal Chart

Motorola Solutions Inc. (NYSE:MSI) Seasonal Chart

Motorola Solutions Inc. (NYSE:MSI) Seasonal Chart

Nasdaq OMX Group Inc. (NASD:NDAQ) Seasonal Chart

Nasdaq OMX Group Inc. (NASD:NDAQ) Seasonal Chart

Workday, Inc. (NASD:WDAY) Seasonal Chart

Workday, Inc. (NASD:WDAY) Seasonal Chart

Intl Flavors & Fragrances (NYSE:IFF) Seasonal Chart

Intl Flavors & Fragrances (NYSE:IFF) Seasonal Chart

SAP SE (NYSE:SAP) Seasonal Chart

SAP SE (NYSE:SAP) Seasonal Chart

 

 

The Markets

And we’re back.  Thanks for bearing with us.  With the holiday closures in Canada and the US last week, we opted to take a few days off from our around the clock schedule in order to re-group for the second half of the year.  Intraday reports on the employment data released on Friday in both Canada and the US will go out to subscribers today, so be sure to sign-up to be included in this distribution.

Stocks punched out another strong week of gains as the average summer rally period got into full swing.  The S&P 500 Index added 1.65% last week, receiving lift based on headlines that trade negotiations with China are progressing.  The large-cap benchmark inched past resistance at 2950, confirming the intermediate path of higher-highs and higher-lows stemming from the December bottom.  Major moving averages on the weekly chart continue to point higher, as are momentum indicators, indication of a bullish trend.  Investors will be looking towards that previous level of resistance at 2950 as a level of support and Friday’s performance was a good start.   The benchmark initially dipped following a stronger than expected employment report, which fuelled speculation that the Fed would be less willing to cut rates in the months ahead.  Heavy losses were erased by the afternoon session as investors used the drawdown to buy the dip.  Seasonally, stocks typically strengthen between June 27th and July 17th, on average, a period attributed to the so-called “summer rally.”

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Sentiment on Friday, as gauged by the put-call ratio, ended bullish at 0.90.

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Seasonal charts of companies reporting earnings today:

AZZ Inc. (AZZ) Seasonal Chart

 

 

S&P 500 Index

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TSE Composite

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