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Equity Clock - Market Outlook for July 26, 2024
The fundamentals to natural gas are starting to look interesting following weeks of minor injections to inventories and as the period of seasonal strength for the commodity 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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The Markets
Volatility in the market continues to grow as stocks failed to hold mid-day gains on Thursday. The S&P 500 Index closed down by just over half of one percent, moving below the 50-day moving average (5431) for the first time since the start of May. A couple of gaps remain open overhead, including Wednesday’s downside open between 5508 and 5550, adding multiple layers of resistance overhead that have capped the now past summer rally period. Near-term momentum remains negative as formerly beloved growth trades circle back towards levels of intermediate-term (multi-month) support. Heading into the end of July, it would not be surprising to see a reprieve in near-term downside pressures, but the period of volatility/weakness in the market is just beginning, something that tends to have a more significant influence in August, September, and October. Defensive assets and volatility hedges are certainly preferred at this time of year and amidst the present technical and fundamental backdrops. Both of our model portfolios have been positioned for the volatility that is now being realized and our list of market candidates to Accumulate is blanketed with securities that are positioned well to mitigate the erratic trading environment that is normal through the remainder of the third quarter.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
Disclaimer: Comments and opinions offered in this report are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered is believed to be accurate, but is not guaranteed.
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