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Stock Market Outlook for June 29, 2020


The Fed’s balance sheet declined for a second week in a row and stocks followed suit.  Coincidence?

 

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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Goldman Sachs Group, Inc. (NYSE:GS) Seasonal Chart

Goldman Sachs Group, Inc. (NYSE:GS) Seasonal Chart

Element Financial Corp. (TSE:EFN.TO) Seasonal Chart

Element Financial Corp. (TSE:EFN.TO) Seasonal Chart

CrossAmerica Partners LP (NYSE:CAPL) Seasonal Chart

CrossAmerica Partners LP (NYSE:CAPL) Seasonal Chart

Walgreens Boots Alliance, Inc. (NASD:WBA) Seasonal Chart

Walgreens Boots Alliance, Inc. (NASD:WBA) Seasonal Chart

Rogers Communications, Inc. (TSE:RCI/B.TO) Seasonal Chart

Rogers Communications, Inc. (TSE:RCI/B.TO) Seasonal Chart

Belo Sun Mining Corp. (TSE:BSX.TO) Seasonal Chart

Belo Sun Mining Corp. (TSE:BSX.TO) Seasonal Chart

iShares Global 100 ETF (NYSE:IOO) Seasonal Chart

iShares Global 100 ETF (NYSE:IOO) Seasonal Chart

iShares Russell Top 200 Growth ETF (NYSE:IWY) Seasonal Chart

iShares Russell Top 200 Growth ETF (NYSE:IWY) Seasonal Chart

Vanguard Russell 1000 Growth ETF (NASD:VONG) Seasonal Chart

Vanguard Russell 1000 Growth ETF (NASD:VONG) Seasonal Chart

 

 

The Markets

Stocks dipped on Friday as the growing number of coronavirus cases in the US had investors on edge.  The S&P 500 Index dipped by 2.42%, closing at the lows of the day.  The large-cap benchmark closed below its 200-day moving average for the second time this month, weakening this hurdle as a point of support to the intermediate rising trend for stocks.  The 50-day moving average is below at 2980.  Momentum indicators continue to roll over following the sell signals generated a couple of weeks ago and the risk is elevated that we’ll see further declines in the near-term before buyers step back in.

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For the week, the large-cap benchmark was down by 2.86%, closing almost precisely at the 50-week moving average at 3010.  Momentum indicators on this weekly look are starting to roll over, hinting that the oversold bounce from the March low has concluded.  MACD is rolling over around its 0-line and RSI is rolling over around 50, both characteristics of a bearish trending market.  Encouraging, however, is the fact that the low from the prior week was unviolated around 2965, suggesting that the selling is still very orderly, not indicative of a declining trend, as of yet.

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Soon to be released…

We are busy putting the finishing touches on our monthly outlook for July, which covers everything you need to know for the month(s) ahead.  Subscribe now to be included on our distribution list.

Sentiment on Friday, as gauged by the put-call ratio, ended bearish at 1.07.

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Seasonal charts of companies reporting earnings today:

Micron Technology, Inc. Seasonal Chart

 

 

S&P 500 Index

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TSE Composite

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