Saturday 7 December 2019

Weekend update - US equity indexes

It was a rather mixed week for US equity indexes, with net weekly changes ranging from +0.3% (NYSE comp'), +0.2% (SPX), -0.1% (Nasdaq comp', Dow), to -1.4% (Transports).

Lets take our regular look at five of the main US indexes (monthly candle charts).


Swinging from a Tuesday low of 3070, but battling back upward to 3150 on Friday, and settling net higher by 4pts (0.2%) at 3145. More broadly, monthly price momentum continues to strengthen. Note the key 10MA at 2968. We're surely going to settle the month/year/decade above that first key aspect of support.

Nasdaq comp'

Tech saw a net weekly decline of -0.1%. Monthly momentum continues to strengthen, as new historic highs are viable within the immediate term.


The mighty Dow settled fractionally lower for the week by -0.1% at 28015. Monthly momentum is fractionally higher.

NYSE comp'

The master index was the leader this week, gaining 0.3% to 13588. This week saw a high of 13612, just 25pts shy of the Jan'2018 historic high.


The 'old leader' - Transports, was the laggard this week, settling -1.4% at 10708. Its arguable that rising WTIC/fuel prices are holding the sector/index back.


Two US equity indexes were net higher for the week, with three net lower.

The NYSE comp' was strongest, with the Transports significantly lagging.

More broadly, all five indexes are trading above their respective monthly 10MA.

YTD price performance:

The Nasdaq comp' continues to lead for the year, currently +30.5%. The SPX is +25.5%, with the Dow +20.1%. The NYSE comp' is +19.5%, and the Transports is +16.8%

Looking ahead


T: Productivity/costs
W: CPI, EIA Pet'
T: PPI, weekly jobs
F: Retail sales, import/export prices, Busi' invents

Earnings: CHWY, SFIX, TOL, MTN (Mon'), GME (Tues'), AEO, LULU (Wed'), COST, AVGO, ADBE, ORCL (Thurs').

Key events:

Wednesday: FOMC (2pm), no policy change can be expected. Powell will host the last press conf' of the year/decade.

Thursday: UK general election.

Sunday: The US is set to raise tariffs on Chinese imports.

Final note

There are just 15.5 trading days left of the year/decade. Clearly, the US market is going to settle the year net higher by some very significant amount. The week ahead should offer some dynamic price action, not least as the trade/tariff uncertainty remains.

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Have a good weekend
*the next post on this page will likely appear 5pm EST on Monday.