Lets take our regular look at six of the main US indexes
The sp' broke a new multi-month high of 2791, but settled +0.02% at 2779. That notably made for a black-fail doji candle, and bodes s/t bearish. First support is basic 'technical necessity' target of 2718, with secondary of 2671. M/t outlook remains bullish, with big target of 2950/3047 by late summer/early autumn,
The Nasdaq climbed for a fourth consecutive week, breaking a new historic high of 7768, and settling +1.3% to 7746. S/t bearish, with big support zone of 7500/400. M/t bullish, with the 8000s clearly coming this summer.
The mighty Dow was the laggard this week, settling -0.89% at 25090. S/t bearish with the main market, soft support 24500/200 zone.
The master index settled -0.76% at 12734. S/t bearish, with big support 12500/400 zone. New historic highs >13637 look due in late summer.
The R2K climbed for a seventh consecutive week, breaking a new historic high of 1686, and settling +0.68% at 1683. S/t bearish with the main market, soft support 1630/20 zone. The 1700s look a given in July/August.
The 'old leader' - Transports, climbed for the fifth week of six, settling +1.24% at 11073. Recent weakness in oil prices especially helped on Friday. S/t bearish with the main market, but if WTIC $62s, the transports might trade flat, rather than actual sig' net weekly declines.
A mixed week, with three indexes net higher, one effectively u/c, and two moderately lower.
The Nasdaq comp' and R2K broke new historic highs
Short term outlook offers 1-2 weeks of cooling, of around 2-4%.
The m/t outlook remains bullish, not least as the fed continue to regularly raise rates, which is bullish, especially for the financials.
M - Housing market index
T - Housing starts
W - Existing home sales, EIA
T - Weekly jobs, Phil' fed, FHFA house price index, leading indicators
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Have a good weekend
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