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Equity Clock

Equity Clock - Market Outlook for July 5, 2022

S&P 500 Index caps off the worst first half of the year performance since 1970, but, historically, bear-market declines during the first half have warranted buying.

*** 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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Rogers Communications, Inc. (TSE:RCI/B.TO) Seasonal Chart

Rogers Communications, Inc. (TSE:RCI/B.TO) Seasonal Chart

Richelieu Hardware Ltd. (TSE:RCH.TO) Seasonal Chart

Richelieu Hardware Ltd. (TSE:RCH.TO) Seasonal Chart

International Business Machines (NYSE:IBM) Seasonal Chart

International Business Machines (NYSE:IBM) Seasonal Chart

Royal Bank Of Canada (NYSE:RY) Seasonal Chart

Royal Bank Of Canada (NYSE:RY) Seasonal Chart

Palo Alto Networks Inc. (NYSE:PANW) Seasonal Chart

Palo Alto Networks Inc. (NYSE:PANW) Seasonal Chart

Walmart Inc. (NYSE:WMT) Seasonal Chart

Walmart Inc. (NYSE:WMT) Seasonal Chart

Bank Of Montreal (NYSE:BMO) Seasonal Chart

Bank Of Montreal (NYSE:BMO) Seasonal Chart

 

Super Simple Seasonal Portfolio


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Note: As a result of the Canada Day holiday on July 1st and the Independence Day holiday on July 4th, our next report will be released on July 5th.  Have a great long weekend!

 

The Markets

Stocks continued to struggle in the last session of June as recession fears top investor psychology.  The S&P 500 Index closed down by just less than nine-tenths of one percent, charting another rather indecisive doji candlestick around the 3800 level that we have been hyper-focussed on in recent weeks.  Resistance at the declining 20-day moving average continues to be confirmed as the evolving trend of lower-lows and lower-highs continues.  This is certainly not the type of action that is representative of the average summer rally period that we find ourselves in.  The benchmark is reaching back towards declining trendline support that now sits just above 3650.  Declining trendline resistance can be pegged just above 3900.  MACD continues to show a positive divergence compared to price, highlighting that the downside momentum is waning, but this gives little comfort when the bulls refuse to show up.  A break of levels of resistance overhead is, quite obviously, required to entice broader participation in order to fuel a sustained rally attempt.

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Seasonal charts of companies reporting earnings today:

  • No significant earnings scheduled

 

S&P 500 Index

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TSE Composite

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