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Equity Clock - Market Outlook for July 22, 2024
Ratio of High-Beta versus Low Volatility testing long-term horizontal resistance, a critical juncture for risk sentiment in this market.
*** 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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The Markets
Stocks remained unsettled into the end of the week now that the average peak to the summer rally has past. The S&P 500 Index closed Friday’s session with a loss of just over seven-tenths of one percent, ending below the 20-day moving average (5540) for the first time since May. A short-term downside gap remains open between 5622 and 5658, a zone that will act as the cap to the summer rally that has now past its average peak. Major moving averages continue to fan out positively, but any pressuring of these zones as support could shift this bullish characteristic through the months ahead. Wednesday’s abrupt downturn has pulled the Relative Strength Index (RSI) out of overbought territory to now sit at the lowest level in a month and a half, suggesting a near-term peak to this momentum indicator and providing a near-term signal to sell as we head towards the most volatile period on the calendar in August, September, and October. The time is here to prepare portfolio strategy for the period of volatility for stocks that runs through the next three months.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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