It was a bullish week for US equity indexes,
with net weekly gains ranging from +2.3%
(Nasdaq comp'), +2.0% (R2K), +1.6% (SPX, Trans), +0.9% (NYSE comp'), to
+0.1% (Dow).
Lets take our regular look at six of the main US indexes
sp'500
The SPX broke a new historic high of 3027, net higher for the week by 49pts (1.6%) to 3025. Weekly price momentum is on the moderately high side. Despite new highs in price, we still have massive technical divergences that stretch back to Jan'2018. M/t rising trend offers first support in the 2870s into end July/early August.
Nasdaq comp'
The Nasdaq comp' broke a new historic high of 8339, settling net higher by 183pts (2.3%) to 8330.
Dow
The mighty Dow settled +38pts (0.1%) to 27192. Cyclically on the high side. M/t rising trend offers first big support in the 25700s.
NYSE comp'
The master index settled +123pts (0.9%) to 13235. Note the Jan'2018 high of 13637, which I'd imagine the Gundlach is closely watching.
R2K
The R2K settled +31pts (2.0%) to 1578. Things turn very bullish >1618, which would offer a challenge of the Aug'2018 high of 1742.
Trans
The 'old leader' - Transports settled +172pts (1.6%) to 10776. Weekly price momentum continues to tick upward. Note the April high of 11148.
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Summary
All six of the US equity indexes saw net weekly gains.
The Nasdaq comp' and R2K lead the way higher, whilst the Dow was lagging.
The 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 25.5%. The SPX is +20.7%, the Trans +17.5%, and the R2K +17.1%. The Dow is +16.6%, with the NYSE comp' lagging at 16.4%.
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Looking ahead
An exceptionally busy week is ahead, with another truck load of earnings, and rate cut'1 from the Fed.
Earnings:
M - BYND, AKS, NXP, RIG
T - MA, PG, MRK, SIRI, PFE, SNE, COP, UAA, LLY, AMD, AAPL, EA, GILD, GRUB, FEYE, AMGN
W - GE, AMRN, SPOT, ADP, QCOM, LRCX, WDC, ZNGA, FIT, OXY
T - SHOP, VZ, GM, ABMD, YETI, OLED, SQ, X, PIN, FSLR, ETSY
F - XOM, CVX, STX, NWL, ARNC
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Econ-data:
M -
T - Pers' income/outlays, Case-Shiller HPI, consumer con', Pending home sales
W - ADP jobs, Chicago PMI, EIA Pet' report.
*FOMC announcement (2pm). This will likely detail a rate cut of -25bps to 2.00/2.25%. Its almost equally probable the end of QT will be brought forward from end Sept' to end July. Powell will host a press conf' at 2.30pm, and that will drag on for around an hour.
T - Weekly jobs, PMI/ISM manu', construction
F - Monthly jobs, intl' trade, consumer sent', factory orders
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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.
