Stock Market Outlook for June 6, 2023
The report of factory orders continues to tell a compelling story of which segments of the market to Accumulate and which areas to Avoid.
*** 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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Kroger Co. (NYSE:KR) Seasonal Chart
NextEra Energy Inc. (NYSE:NEE) Seasonal Chart
Marine Products Corp. (NYSE:MPX) Seasonal Chart
Vanguard Extended Duration Treasury ETF (NYSE:EDV) Seasonal Chart
Dynamic iShares Active Global Dividend ETF (TSE:DXG.TO) Seasonal Chart
Middlefield Healthcare & Life Sciences ETF (TSE:LS.TO) Seasonal Chart
The Markets
Stocks closed down on Monday following a reversal in the technology sector as shares of Apple (AAPL) gave up their gain following the the company’s Worldwide Developer Conference. The S&P 500 Index ended down by two-tenths of one percent, remaining above the band of resistance between 4100 and 4200 that was broken around the end of last week. Support remains apparent around the congestion of major moving averages between 4000 and 4100, keeping the trajectory on a positive tilt. So far, the strength that has been seen surrounding the Memorial Day holiday and into the new month is aligned with the normal pattern for stocks in any given year, but, through the month of June, as the quarter winds down, reversion back to the mean is the norm before the summer summer rally period lifts all boats into the middle of July.
Today, in our Market Outlook to subscribers, we discuss the following:
- Brewers
- Our weekly chart books update: Find out which seasonally strong sector is finally showing showing the technical characteristics that we can sink our teeth into
- US Factory Orders and what the results have to say about how to position seasonal portfolios
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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.
- Currencies
- Cryptocurrencies
- Commodities
- Major Benchmarks
- Sub-sectors / Industries
- ETFs: Bonds | Commodities | Equity Markets | Industries | Sectors
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Sentiment on Monday, as gauged by the put-call ratio, ended close to neutral at 0.96.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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