Stock Market Outlook entering the Week of June 23rd = Uptrend
- ADX Directional Indicators: Uptrend
- On Balance Volume Indicator: Uptrend
- Institutional Activity (Price & Volume): Uptrend
ANALYSIS
The stock market outlook shows an uptrend in place for U.S. equities.
The S&P500 ($SPX) rose 0.6% last week. The index ended the week ~4% above the 50-day moving average and ~13% above the 200-day moving average.
SPX Price & Volume Chart for the Week of June 23 2024
All three indicators (ADX, On Balance Volume and Institutional activity) remain bullish.
Consumer Discretionary ($XLY), led by Amazon, Tesla, and Home Depot, was the best sector last week. Utilities ($XLU) led to the downside.
S&P Sector Performance for Week 25 of 2024
The trend in asset prices carried over for a second week in a row, with oil leading to the upside (+3.8%) and Bitcoin leading downward (-3.5%). Those returns put their two week performance at +8% and -9.2%, respectively.
Asset Class Performance for Week 25 of 2024
COMMENTARY
May retail sales were up 2.3% versus last year; slightly lower than the 2.7% y/y increase seen in April. Otherwise, a fairly quiet week on the macroeconomic front.
Most of the commotion occurred withing futures and options; Friday’s quarterly options expiration was the largest ever.
This week, we get the final Q1 GDP figure (Thursday) and May PCE data (Friday).
Best to Your Week!
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