It was a somewhat mixed week for US equity indexes, with net weekly changes ranging from -1.6% (Nasdaq comp'), -1.4% (Dow), -1.2% (SPX), -0.9% (NYSE comp'), to +0.4% (Transports).
Lets take our regular look at five of the main US indexes
It was a mixed week for the SPX, breaking a new historic high of 3393, but settling -42pts (1.2%) to 3337. Momentum ticked lower, and at the current rate, might turn negative at the March 2nd open. I would note the most recent higher low of 3214. Massive support within 3000/2900s.
A mixed week for tech, with the Nasdaq printing a new historic high of 9838, but settling -154pts (1.6%) at 9576. This weeks candle is spiky, and leans to at least some degree of further s/t cooling. I would see the old resistance highs within the 8100/8300 zone... as first major support.
The mighty Dow settled -405pts (1.4%) to 28992. Weekly momentum is set to turn negative next week, and it threatens at least a test of the recent higher low of 28169.
The master index settled -121pts (0.9%) to 13975. Weekly momentum is set to turn negative next week, and offers further cooling to test the late Jan' low of 13573.
The 'old leader' - Transports, managed a net weekly gain of +46pts (0.4%) to 10908. The gains are rather bizarre, considering the ongoing Corona issue, which is a particular problem for the airlines and shippers. I would note the past five weekly candles are all spiky from around 11k, and it does threaten further cooling to the late Jan' low of 10533. Key stocks: CCL, RCL, NCLH, UAL, AAL, DAL
Four US equity indexes settled net higher, with one net lower.
The Nasdaq lead the way lower, whilst the Transports managed a moderate gain.
The SPX and Nasdaq comp' broke new historic highs.
M - SHAK, TNDM, PANW, KEYS, INTU, HPE, HTZ, KTOS
T - HD, M , TREE, LL, SPCE, CRM, AMRN, SDC, GWPH, WW, PLNT, EXEL, REAL
W - CHK, LOW, TJX, WEN, PZZA, SQ, ETSY, TDOC, BKNG
T - CRON, BBY, BUD, JCP, AMTD, BYND, BIDU, TTD, OXY, WDAY, DELL, VMW, AMC
F - W, FL, VST, SCCO
M - Chicago Fed' Nat' act', Dallas Fed' manu'
T - Case-Shiller HPI, FHFA HPI, consumer con', Richmond fed' manu'
W - New home sales, EIA Pet'
T - Durable goods orders, GDP Q4 (print 2), weekly jobs, pending home sales, Fed' bal
F - Intl' trade, pers' income/out, wholesale invent', Chicago PMI, consumer sent'
*as Friday is end month, I would expect more dynamic price action on higher volume.
Further, due to the ongoing Corona issue, a case of 'rats selling into the weekend' could be expected.
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Have a good weekend
*the next post on this page... there is nothing scheduled.