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July 05, 2023
The US stock market is closed for the July 4th holiday and resumes today. Meanwhile, here is a recap of Monday: grinding lower but with no clear-cut direction, the child-care provider closed the session at $92.09 after forming a distinct $91.78 – $93.42 range.
Monday's price action generated a Japanese candlestick pattern showing a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Analysis of Bright Horizons Family Solutions's recent price action suggests Bright Horizons Family Solutions could begin to recover as it approaches significant support, now 66 cents away from $91.43. Dipping below could be an indication that further losses are ahead.
Bright Horizons Family Solutions was not the only decliner in the consumer discretionary sector; McDonald's closed at $294.84 (down 1.2%).
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Tesla traded at $279.82 after closing Monday's trading day at $261.77 (up 6.9%). Walt Disney was up 1.37%.
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims projected to come out at 245,000 — worse than previous data of 239,000; data will be released tomorrow at 12:30 UTC.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -729,000. It previously stood at -9.60 million; data will be released tomorrow at 15:00 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Jun) is scheduled for tomorrow at 12:15 UTC.
The largest employer-sponsored child care provider now trading 18.37% above its 3-month low of $55.75.
