Stock Market Outlook for June 15, 2022
The percent of stocks above 50 and 200-day moving averages pointing to a market that is at or near an oversold extreme.
*** 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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Carmax Inc. (NYSE:KMX) Seasonal Chart
Allscripts, Inc. (NASD:MDRX) Seasonal Chart
Intact Financial Corp. (TSE:IFC.TO) Seasonal Chart
iShares Global 100 ETF (NYSE:IOO) Seasonal Chart
iShares Global Comm Services ETF (NYSE:IXP) Seasonal Chart
The Markets
Stocks continued to struggle on Tuesday as Treasury yields and the dollar continue to rise, imposing significant pressure on risk assets. The S&P 500 Index ended down by just less than four-tenths of one percent, now starting to break below declining trendline support that had kept the selloff orderly through the past five months. Momentum indicators continue to roll over with RSI getting close to becoming oversold again below 30. Characteristics of a bearish trend persist with both RSI and MACD holding predominantly below their middle lines.
Today, in our Market Outlook to subscribers, we discuss the following:
- The break of the 38.2% Fibonacci retracement level of the entire pandemic bull market for the S&P 500 Index
- Percent of stocks above major moving averages
- Trimming our commodity exposure
- US Producer Price Index
- Canada Manufacturing Sales
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Sentiment on Tuesday, as gauged by the put-call ratio, ended bearish at 1.14.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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