Equity Clock

Stock Market Outlook for June 17, 2021

Our enthusiasm towards the energy sector has been dampened following the latest inventory report.  Find out why in today’s report.

 

 

 

*** 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:

Subscribers – Click on the relevant link to view the full profile. Not a subscriber? Signup here.

Euronet Services, Inc. (NASD:EEFT) Seasonal Chart

Southern Missouri Bancorp, Inc. (NASD:SMBC) Seasonal Chart

Logistec Corp. (TSE:LGT/B.TO) Seasonal Chart

Natus Medical, Inc. (NASD:NTUS) Seasonal Chart

Blackrock Long Term Municipal Advantage Trust (NYSE:BTA) Seasonal Chart

Western Asset Income Fund (NYSE:PAI) Seasonal Chart

 

 

The Markets

Stocks dipped following the latest announcement from the Fed, who ratcheted up their inflation expectations and moved up the timeframe of when it will seek to raise rates.  The S&P 500 Index shed half of one percent, breaking below the short-term rising trend channel that we highlighted in yesterday’s report.  Short-term support at the 20-day moving average remains intact, as is intermediate support at the 50-day moving average, now at 4177.  The intermediate variable hurdle closely mimics the lower limit of the rising intermediate trend channel, which spans between 4175 and 4375.  Upside momentum is and has been waning, which threatens a pullback into the end of the quarter, consistent with the path of seasonal norms that has been highlighted previous.

Today, in our Market Outlook for subscribers, we discuss the following:

• The movement in the bond market following the Fed announcement
• Bottoming pattern on the chart of the US Dollar Index
• US Petroleum Inventories and what the data means for our trade in the energy sector
• The price of oil and the Oil Exploration and Production ETF
• US Housing Starts and how the data is impacting the stocks of the home builders

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Sentiment on Wednesday, as gauged by the put-call ratio, ended neutral at 0.97.

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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