Last
Week Review: Stocks fell on the week as investor
sentiment continued to weaken ahead of next week's "Brexit" vote.
Uncertainty around the vote could keep markets on edge until the last vote is
counted. Be prepared for additional volatility that could come along with this
uncertainty by ensuring you own the mix of stocks and bonds that aligns with
your comfort with risk and your long-term financial goals.
Stock
indexes gave up critical support levels Friday but did so narrowly enough to
leave the battle of bulls and bears to another day.
Volume
rose across the board. The Nasdaq close under its 200-day line for the first
time in about 4 weeks. The S&P 500 remains above its 200-day line but close
under the 50-day line for the third time in the past 4 days.
How the market finished last week, the S&P 500 down
1.2%, the Nasdaq down 1.9%, and the Dow down 1.1%.
This Week: On Tuesday and Wednesday
Federal Reserve chief Janet Yellen will speak to Congress on monetary policy.
On Thursday the Federal Reserve will announce the results of the annual stress
tests for the banks. Also Thursday is the big headline event: Britain will vote
on whether to leave or remain in the European Union. On Friday the annual
rebalancing of Russell 2000 and Russell 1000 indexes will go into effect. This
forces managers of index-tracking funds to sell or buy shares to keep in proper
step with the indexes. Durable goods orders for May will be released before
Friday's open.
Economic
Calendar: Existing Home Sales (6/22), EIA Petroleum Status Report (6/22), New
Home Sales (6/23), Durable Goods Orders (6/24)
Some of the major earnings announcements on deck: ADBE,
KBH, SONC, LEN, FDX.
Related Link: http://www.stockmarket-direction.com/
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