It was a mixed week for US equity indexes, with net weekly declines ranging from -1.4% (R2K), -1.2% (SPX, Nasdaq comp'), -0.9% (NYSE comp'), -0.6% (Dow), to -0.3% (Trans), but with new historic highs for the SPX, Dow, and Nasdaq comp'. Near term outlook offers some weakness ahead of rate cut'1.
Lets take our regular look at six of the main US indexes (weekly candle charts)
The sp'500 broke a new historic high of 3017, but settled net lower for the week by -37pts (1.2%) to 2976. Weekly price momentum is offering a rollover, and we have a divergent lower cycle high, relative to April. M/t rising trend will be 2850 into end month. Unless the bears can break/hold under it, the market has to be seen as mid term bullish. L/t bullish support is arguably around the monthly 10MA in the 2790s.
The Nasdaq comp' broke a new historic high of 8264, but settled -97pts (1.2%) to 8146.
The Dow broke a new historic high of 27398, but settled -177pts (0.6%) to 27154.
The master index settled -122pts (0.9%) to 13111.
The R2K cooled for a second consecutive week, settling -22pts (1.4%) to 1547. M/t rising trend will be around 1520 next week. If broken, next support is the key price threshold of the 1460s.
The 'old leader' - Transports, settled -33pts (0.3%) to 10604.
All six of the US equity indexes settled net lower for the week.
The R2K lead the way lower, whilst the Transports was most resilient.
The Dow, SPX, and Nasdaq comp' broke new historic highs.
YTD price performance:
The Nasdaq comp' continues to lead the way, currently net higher for the year by +22.8%. The SPX is +18.7%, the Dow +16.4%, and the Trans +15.6%. The NYSE comp' is +15.3%, with the R2K now lagging, but still higher by a considerable +14.8%.
A very busy week is ahead, with a monstrous truck load of earnings, with econ-data that will help shape the FOMC decision in the following week.
M - HAL AMTD, LOGI
T - KO, LMT, BIIB, UTX, JBLU, HAS, HOG, SNAP, V, CMG, TXN
W - BA, T, CAT, UPS, ANTM, FCX, NSC, FB, TSLA, PYPL, XLNX, LVS
T - MMM, BMY, WM, CMCSA, LUV, NEM, AMZN, INTC, GOOGL, SBUX, MGM
F - TWTR, ABBV, MCD, PSX
T - FHFA house price index, existing home sales, Richmond fed'
*New UK Prime Minister to be announced.
W - PMI comp' flash, New home sales, EIA report
T - Weekly jobs, Durable goods order, intl' trade
*ECB announcement, which might be a rate cut of -10bps to -0.50%, and threaten renewed QE (which only concluded Dec'2018).
F - GDP Q2 (first print), consensus is 1.9%, vs 3.1% Q1
*there will no be fed officials, as the blackout period is in effect until the FOMC announcement of Wed' July 31st.
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Have a good weekend
*the next post on this page will likely appear 5pm EDT on Monday.