Lets take our regular look at six of the main US indexes
sp'500
Despite a Friday decline of around -0.6%, the sp' still managed to close the week broadly flat. Most notable, a new historic high of 1991, with the giant 2000 threshold within easy reach next week.
Equity bears need to take out the rising weekly 10MA, which will be in the 1960s next week. Even then, the broader channel offers more significant support around 1900. I sure don't expect to see the 1800s any time soon.
Nasdaq Comp'
The tech' managed moderate gains of 0.4%, the second consecutive weekly gain. There looks to be viable upside to the mid 4500s next week, and 4700/4800s by late summer. The ultimate target remains the March 2000 bubble high of 5132 - although that would seem unlikely this year.
Dow
The mighty Dow was the weakest index this week, but still.. the decline of -0.8% barely rates as 'borderline' significant. The broader upward trend continues, and equity bears have little to get excited about unless 16500 is broken under. Current price action is offering the 17300s next week.
NYSE Comp'
The master index closed the week flat, and is indeed a good representation of the overall market. The 11000s look likely next week, whilst 12k looks a tough level to hit until early 2015.
R2K
The second market leader slipped for a third consecutive week, with a second weekly close under the 10MA. The lower channel is holding... just, but any break under 1120 will open up 1080 - a critical level. It is important for the R2K to regain the 1170s, which is only 2.5% higher.
Trans
The 'old leader' managed a second consecutive week of gains, +0.5%, along with a new historic high of 8515. The 8600s look viable next week.
Summary
So, it was a bit of a mixed week in market land. Equity bulls have another set of new historic highs in the sp'500/Trans, whilst the bears saw some interesting Friday weakness, not least in the R2K.
What should remain clear however, the broader upward trends remain intact on ALL indexes. Even the lagging R2K is still (just) holding above the lower channel. Equity bears need to see the sp' back in the 1950s.. if not below 1900 to have any confidence that a key top has been put in.
Looking ahead
Next week is set to be a very busy one.
-The week starts with PMI service data and pending homes sales.
-Tuesday will see Case-Schiller HPI, and consumer confidence
-Wednesday is a pretty major day...
First, we have Q2 GDP (first reading), market is expecting +3.1%.
Second, the FOMC (2pm). Market (as am I) expects QE-taper'6 (SIX), taking the monthly QE fuel down to $25bn, starting Fri' August 1'. There will NOT be a Yellen press conf.
Thursday will see jobless claims and the Chicago PMI
The week concludes with the big monthly jobs data, Market is expecting net gains of 233k, with a static headline jobless rate of 6.1%
*next sig' QE-pomo is not until early August. The next QE schedule will be available next Thursday at 3pm
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back at the Monday open :)