Lets take our regular look at six of the main US indexes
sp'500
The spx swung from a Wednesday low of 2612, to settle net lower for the week by -5pts (0.2%) at 2664. MACD (blue bar histogram) cycle ticked higher for a fourth week, as price momentum is resetting from oversold levels.
Best guess: renewed weakness into end month, which could easily stretch into the week of Feb' 4-8th. Supports 2612/2600, 2550, 2474/47. The Dec' low of 2346 looks tough to reach, but the m/t trend IS bearish, and equity bulls can't be confident until >2750 or so.
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Nasdaq comp'
The Nasdaq saw a fifth consecutive net weekly gain (the best run since March 2017), of +0.1% to 7164. Weekly price momentum is set to turn positive at next Monday's open. A failure around the zero threshold would be very bearish, and offer cooling to the 6500/400s.
Dow
The mighty Dow climbed for a fifth consecutive week, if only by 0.1% to 24737. It is notable the Dow broke a new multi-week high of 24860. The bulls need >25300 to get confident. Key supports: 23400s, 21712, 20400s, and psy'20K.
NYSE comp'
The master index saw a net weekly decline of -0.2% to 12127. Declining trend from Sept'2018 remains holding as key resistance.
R2K
The R2K saw a micro net weekly gain of +0.35pts (0.02%) to 1482. Equity bears need to break under last week's low of 1431 for things to turn interesting again.
Trans
The 'old leader' - Transports, saw a borderline significant net weekly decline of -0.9% to 9921.
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Summary
Three indexes were net higher for the week, with three net lower.
The Dow was the only index to break a new multi-week high.
YTD price performance:
The R2K is leading the way, currently +10.0%, Trans' +8.2%, with Nasdaq comp' +8.0%. The NYSE comp' +6.6%, SPX +6.3%, and the Dow +6.0%.
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Looking ahead
Key earnings:
Mon': CAT
Tues': AAPL, AMD, PFE
Wed': BABA, BA, MCD, FB, MSFT, TSLA, PYPL, V, QCOM, WYNN, X
Thurs': AMZN, GE, UPS
Fri': XOM, CVX, MRK
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| A truck load of corp' earnings data |
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M -
T - Intl' trade, Case-Shiller HPI, consumer con'
W - ADP jobs, Q4 GDP (first print), pending home sales, EIA Pet'
*FOMC announcement 2pm. No change in QT/rates can be expected. There will be a press conf' with Powell at 2.30pm, which will likely drag on around an hour.
T - Weekly jobs, pers' income/outlays, Chicago PMI
F - Monthly jobs, vehicle sales, PMI/ISM manu', construction, consumer sent'.
*as Thursday is end month, expect higher volume and more dynamic price action. It will very likely favour the equity bears.
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*the next post on this page will likely appear 5pm EST on Monday.