Stock Market Outlook for June 15, 2020
A tough week for stocks that resulted in a retest of levels of support below.
*** 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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Gold Fields Ltd. (NYSE:GFI) Seasonal Chart
St Joe Corp. (NYSE:JOE) Seasonal Chart
Barrett Business Services, Inc. (NASD:BBSI) Seasonal Chart
America Movil, S.A.B. de C.V. (NYSE:AMOV) Seasonal Chart
Morgan Stanley Emerging Markets Debt Fund Inc. (NYSE:MSD) Seasonal Chart
Microsoft Corp. (NASD:MSFT) Seasonal Chart
Bird Construction Inc. (TSE:BDT.TO) Seasonal Chart
Wintrust Financial Corp. (NASD:WTFC) Seasonal Chart
Marcus Corp. (NYSE:MCS) Seasonal Chart
iShares S&P-TSX Global Gold Index ETF (TSE:XGD.TO) Seasonal Chart
ArcBest Corp. (NASD:ARCB) Seasonal Chart
Lithia Motors, Inc. (NYSE:LAD) Seasonal Chart
The Meet Group, Inc. (NASD:MEET) Seasonal Chart
BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN) Seasonal Chart
iShares S&P 100 ETF (NYSE:OEF) Seasonal Chart
The Markets
Stocks found some relief following Thursday’s massive market decline. The S&P 500 Index closed Friday’s session higher by 1.31%, holding support at the 200-day moving average. The benchmark ended the day around the 20-day moving average, a hurdle that was broken in the prior day’s session. Momentum indicators continue to point lower, declining from overbought territory that was seen at the end of the previous week. These momentum indicators triggered sell signals on Thursday, hinting of a shift in trajectory.
Financials and Real Estate were the day’s leaders as sector constituents bounced from previous levels of resistance, now support. The Financial and REIT ETFs are showing support around their respective rising 20-day moving averages and the 20-day average performance versus the S&P 500 Index continues to point higher, indicative of underlying buying demand. Seasonally, the financial sector remains out of favour through the month of June, while REITs remain in their seasonal stride through the third quarter. In our market outlook to subscribers, we provide further insight on the factors behind this week’s plunge in stocks. Subscribe now.
Sentiment on Friday, 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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