It was a bullish week for US equity indexes, with
net weekly gains ranging from +3.3% (Trans), +1.9% (Nasdaq comp'), +1.2% (SPX), +1.1% (NYSE comp'), to +0.7% (Dow).
Lets take our regular look at five of the main US indexes
sp'500
A third consecutive net weekly gain, +36pts (1.2%) to 3022. The Friday high of 3027.39 was just 0.59pts shy of the July historic high. Weekly price momentum ticked upward, and is set to turn positive next week.
Nasdaq comp'
Tech climbed for a fourth week, settling +153pts (1.9%) to 8243. Price momentum is set to turn net positive next week.
Dow
The mighty Dow was the laggard this week, but still managed a net weekly gain of 186pts (0.7%) to 26956. Price momentum is set to turn positive next week.
NYSE comp'
The master index climbed for a third week, settling +138pts (1.1%) to 13145. Price momentum turned net positive this week. Note the key high from July of 13255.
Trans
The 'old leader' - Transports, lead the way higher this week, powering upward by 347pts (3.3%) to 10855. Weekly price momentum is at levels not seen since May. Next resistance is the July high of 10876.
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*special note: We're missing one index this week, as Stockcharts has not been providing data for the Russell 2000 since Oct'21st.
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Summary
All five indexes settled net higher for the week.
The Transports lead the way higher, with the Dow lagging.
More broadly, all five indexes are trading about their respective monthly key 10MA, as the m/t bullish trend is set to remain intact into early November.
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Looking ahead
Another very busy week is ahead, with a truck load of earnings, econ-data, and a third rate cut from Print Central.
Earnings:
M - T, SPOT, WBA, ON, BYND, GOOGL, AKAM, NXP, RIG, XPO
T - SHOP, MA, MRK, PFE, GRUB, GM, COP, AMD, AMGN, FEYE, EA
W - GE, SNE, RCL, ADP, CME, AAPL, FB, SBUX, TWLO, LYFT, ZNGA, OLED, ETSY, WDC
T - MO, BMY, KHC, CELG, MPC, ABMD, W, PINS, X, AYX, EGO
F - BABA, ABBV, XOM, CVX, AIG, NWL, CL
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Econ-data:
M - Intl' trade
T - Case-Shiller HPI, consumer con', pending home sales
W - ADP jobs, Q3 GDP (first print), EIA Pet'
FOMC announcement (2pm): Rate cut'3 of -25bps to 1.50/1.75% can be expected. Powell will host a press conf' at 2.30pm. With the Fed balance sheet soaring back upward, I imagine he will face a great many questions from the media hacks, countering his notion that "This is not QE".
T - Weekly jobs, pers' income/outlays, Chicago PMI, EIA NG
F - Monthly jobs, PMI/ISS manu', construction
*Thursday will be Halloween and end month, price action can be expected to be more dynamic on higher volume.
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Final note
Another month is soon to wrap, leaving just one sixth left of the year. Indeed, just consider that the 2020s aren't far away now.
Here in the land of yours truly, Halloween won't see the UK exit the EU. Indeed, its still possible the UK won't ever exit. A general election is set to be announced. My guess remains that an eventual BREXIT bill will be passed, but that a 'confirmatory vote' will be tagged on. The UK populace can be expected to vote against ANY type of finalised BREXIT bill, and thus remain within the EU.
Yours... despite the name, striving for balance
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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.
