The new month has gotten off to a decent start for stocks, with the S&P 500 SPX once again poking above the 4,200 level.
But whether 4,200 can now morph from ceiling to support may depend on the nonfarm payrolls data providing confirmation the Federal Reserve won’t raise interest rates this month. The tech sector’s relative strength index, a momentum gauge, shows just how overbought it is, alongside about 25% of tech stocks, Turnquist notes.
Turnquist adds: “While the overall average June return is underwhelming, when the S&P 500 does trade higher during the month, the average return has been 2.5%. In contrast, when the S&P 500 trades lower during the month, the average June return has historically been -3.0%.” Try your hand at the Barron’s crossword puzzle and sudoku games, now running daily along with a weekly digital jigsaw based on the week’s cover story. To see all puzzles, click here.
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