It was a very mixed week for US equity indexes,
with net weekly changes ranging from +2.01%
(Trans), +1.57% (Dow), +1.06% (nyse comp'), +0.61% (sp'500), -1.03% (nasdaq comp'), to
-1.97% (R2K). Near term outlook offers cooling of around 1-2%, before resuming upward.
Lets take our regular look at six of the main US indexes
sp'500
Despite ending the week on a rather bearish note, the sp' managed a
fourth consecutive net weekly gain, +0.61% at 2818. The intra week high
of 2848 was a mere 24pts shy of the Jan' historic high.
Best
guess: s/t cooling to the 2760s, before resuming upward. New historic
highs look on track in August. Big target remains the 2950/3047 zone, which
is where I anticipate the market becoming seriously stuck.
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Nasdaq comp'
It was a very mixed week for the Nasdaq comp', breaking a new historic high of 7933, but swinging lower into the weekend, settling -1.06% at 7737. S/t bearish with the main market. The 8000s still look due in August.
Dow
The mighty Dow climbed for a fourth consecutive week, +1.57% to 25451, with a new multi-month high of 25587. S/t bearish with the main market. Note underlying macd (blue bar histogram) cycle has turned positive.
NYSE comp'
The master index gained 1.03% to 12921. S/t bearish, but new historic highs look viable in early September.
R2K
The R2K unraveled into the weekend, settling -1.97% to 1663. S/t bearish, with a viable test of the 1610 price threshold. Alarm bells with any closes <1600, but that does not seem likely.
Trans
The 'old leader' saw a very significant net weekly gain of 2.01% to 10957. Price momentum is set to turn positive within 1-2 weeks.
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Summary
Four indexes saw net weekly gains, whilst two settled sig' lower.
The Nasdaq comp' broke a new historic high.
The broader m/t trend remains unquestionably bullish.
YTD performance:
The Nasdaq continues to lead, +12.1%, with the sp +5.4%, and the nyse comp' being the laggard, +0.9%.
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Looking ahead
Another truck load of earnings are due, notably: CAT, STX, AAPL, TSLA, X, SQ, PBR
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M - Pending home sales
T - Pers' income/outlays, employment costs, Case-Shiller HPI, Chicago PMI, consumer con'
W - Vehicle sales, ADP jobs, PMI/ISM manu', construction, EIA Pet' report.
At 2pm the Fed' will issue a press release of the latest FOMC. No rate hike can be expected, but the statement should give an update that the QT program is at/close to hitting $50bn a month. There will NOT be a press conf'.
T - Weekly jobs, factory orders
F - Monthly jobs, intl' trade, PMI/ISM serv'
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Have a good weekend
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