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Equity Clock

Equity Clock - Market Outlook for June 23, 2022

Downside leadership is seen fading as the average summer rally period nears.

*** 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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Southwest Gas Corp. (NYSE:SWX) Seasonal Chart

Southwest Gas Corp. (NYSE:SWX) Seasonal Chart

Scotts Co. Cl A (NYSE:SMG) Seasonal Chart

Scotts Co. Cl A (NYSE:SMG) Seasonal Chart

Rollins, Inc. (NYSE:ROL) Seasonal Chart

Rollins, Inc. (NYSE:ROL) Seasonal Chart

Fidelity Low Volatility Factor ETF (AMEX:FDLO) Seasonal Chart

Fidelity Low Volatility Factor ETF (AMEX:FDLO) Seasonal Chart

 

Super Simple Seasonal Portfolio


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The Markets

Stocks see-sawed on Wednesday as traders weighed comments from Fed Chair Jerome Powell and digested another dip in the price of oil.  The S&P 500 Index closed marginally down on the day, falling by just over one-tenth of one percent and ending almost precisely around the mid-point to the session’s range.  The benchmark is sitting just above declining trendline support, now at 3700, which had been keeping the selloff this year orderly.  Resistance around declining moving averages remains firmly intact. MACD is showing increasing signs of curling higher in what could amount to a positive momentum divergence compared with price, an indication of waning selling pressures and a precursor event to a shift of trend.  A distribution pattern below 3800 is still assumed, something that still has a good chance of frustrating the bears and leading to the start of the summer rally for stocks that stretches into the month of July.

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Seasonal charts of companies reporting earnings today:

Accenture plc Seasonal Chart FedEx Corporation Seasonal Chart Darden Restaurants, Inc. Seasonal Chart FactSet Research Systems Inc. Seasonal Chart BlackBerry Limited Seasonal Chart GMS Inc. Seasonal Chart Methode Electronics, Inc. Seasonal Chart Apogee Enterprises, Inc. Seasonal Chart Smith & Wesson Brands, Inc. Seasonal Chart Rite Aid Corporation Seasonal Chart CalAmp Corp. Seasonal Chart VistaGen Therapeutics, Inc. Seasonal Chart LightInTheBox Holding Co., Ltd. Seasonal Chart Redhill Biopharma Ltd. Seasonal Chart

 

S&P 500 Index

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TSE Composite

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