It was a bullish week for US equity indexes,
with net weekly changes ranging from +1.8%
(Nasdaq comp'), +1.7% (R2K), +1.2% (SPX), +0.5% (NYSE comp'), -0.1% (Dow), to
-1.0% (Transports). Near term outlook offers further upside into end month/early May.
Lets take our regular look at six of the main US indexes
sp'500
The SPX broke a new multi-month high of 2939.88 in Friday's closing hour, which made for a net weekly gain of 34pts (1.2%) at 2939. New historic highs >2940 appear on the menu into end month. Giant psy'3K is technically within range in May. I would keep in mind the next key Fibonacci extrapolation of 3047. However, it will not be easy to climb above there, as the SPX was notably 4pts shy in 2015 of the key 1.618x fib' of 2138.
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Nasdaq comp'
The Nasdaq comp' broke a new historic high of 8151, settling +148pts (1.8%) to 8146. Upper weekly bollinger is offering the 8300s in early May. Talk of the 9000s by early autumn can begin.
Dow
The mighty Dow broke a new cycle high of 26695, but settled -16pts (0.1%) to 26543, weighed down by declines in INTC, MMM, and XOM. Note the upper weekly bollinger, currently offering technical upside to new historic highs in the 27500s.
NYSE comp'
The master index gained 68pts (0.5%) to 12991. The m/t equity bulls should be seeking a weekly close above the Sept'2018 high of 13261.
R2K
The R2K settled +26pts (1.7%) to 1591. The outlook into end month/early May has to be bullish. A weekly close above the Feb' high of 1602 appears on the menu by mid May. The Aug'2018 historic high of 1742 is still a considerable 151pts (9.5%) to the upside.
Trans
The 'old leader' - Transports, was the laggard this week, settling -106pts (1.0%) to 10881. However, the tranny did break a new cycle high of 11148. The m/t bulls should still be seeking an eventual weekly settlement above the Dec'2018 high of 11044.
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Summary
Four of the US indexes were net higher, with two net lower.
The Nasdaq and R2K are leading the way, whilst the Dow and Transports are lagging.
The Nasdaq broke a new historic high.
YTD price performance:
The Nasdaq comp' continues to lead, currently +22.8%, with the Transports +18.7%. The R2K is +18.0%, the SPX +17.3%, and the NYSE comp' +14.2%. The Dow remains the laggard, but still net higher by a respectable 13.8%.
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Looking ahead
Another very busy week is ahead, with a truck load of earnings...
M - GOOGL, SPOT, WDC, NXP AKS, RIG
T - GE, PFE, MCD, MRK, BP, GM, SHOP, AMD, AAPL, TWLO, AMGN
W - CVS, SQ, QCOM, MRO, ZNGA, XPO, FIT
T - ABMD, TEVA, UAA, DOW, X, ATVI, GILD, SWKS
F - FCAU, CBOE
S - BRK/A
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| Earnings data overload! |
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M - Pers' income/outlays
T - Employment costs, Case-Shiller HPI, Chicago PMI, consumer con', pending home sales
W - ADP jobs, PMI/ISM manu', construction, EIA Pet' report
*FOMC announcement 2pm, which will detail no change in policy. There will likely be a reminder that the QT program is to begin winding down in May, and fully concluded by late Sept'. Powell will host a presser at 2.30pm, and that will drag on for around an hour.
T - Weekly jobs, product'/costs, factory orders.
F - Monthly jobs, intl' trade, PMI/ISM serv'
*as Tuesday is end month, expect more dynamic price action on higher volume.
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Have a good weekend
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*the next post on this page will likely appear 5pm EDT on Monday.
