Stock Market Outlook for June 28, 2022
During the often volatile third quarter for the equity market, investing in defense can be an ideal way to become defensive in investment portfolios.
*** 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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Hubbell, Inc. (NYSE:HUBB) Seasonal Chart
Element Financial Corp. (TSE:EFN.TO) Seasonal Chart
The Markets
Stocks closed slightly lower on Monday as traders digested the gains from the week past and as portfolio managers start to window-dress their books ahead of the end of the first half of the year. The S&P 500 Index shed three-tenths of one percent, showing slight negative reaction to declining resistance at the 20-day moving average at 3936. MACD continues to positively diverge from price, providing indication of waning selling pressures following what has been one of the worst first half of the year performances for stocks on record. Both MACD and RSI remain below their middle lines, which is characteristic of a bearish trend. We continue to peg our recently ramped up equity exposure off of Friday’s upside gap around 3800 and we continue to watch for any signs of hesitation during the period of seasonal strength for stocks that is upon us around the downside open gap between 3975 and 4020.
Today, in our Market Outlook to subscribers, we discuss the following:
- Our weekly charts books: See our updated views of cryptocurrencies and various commodities
- US Durable Goods Orders: Find out where the activity is in the manufacturing economy and the investment exposure that is desired
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Want to know which areas of the market to buy or sell? Our Weekly Chart Books have just been updated, providing a clear Accumulate, Avoid, or Neutral rating for currencies, cryptocurrencies, commodities, broad markets, and subsectors/industries of the market. Subscribers can login and click on the relevant links to access.
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Sentiment on Monday, as gauged by the put-call ratio, ended neutral at 0.96.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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