It was a bullish week for US equity indexes, with net
weekly gains ranging from +3.5% (Trans), +3.4% (Nasdaq comp'), +3.3% (SPX), +2.8% (NYSE comp'), to +2.6% (Dow).
Lets take our regular look at five of the main US indexes
sp'500
The ninth weekly gain of eleven, breaking a new historic high of 3509, and settling +110pts (3.3%) to 3508. Absolutely zero sign of a short/mid term top. Momentum has now decisively surpassed the February high. First major supports are within the upper/mid 3200s.
Nasdaq comp'
A fifth consecutive net weekly gain, breaking a new historic high of 11730, settling +383pts (3.4%) to 11695. I would note this week's settlement, which is above the upper weekly bollinger, for the first time since early January.
Dow
The mighty Dow climbed for the third week of four, settling +723pts (2.6%) to 28653. The index lagged the broader market, primarily due to natural selling of components PFE, RTX, and XOM, set to get the kick - as of Monday August 31st, to be replaced by AMGN, CRM, and HON.
NYSE comp'
The master index climbed for the ninth week of eleven, settling +361pts (2.8%) to 13170.
Trans
Higher for the seventh week of nine, settling +381pts (3.5%) to 11322. I would note the Jan'2020 high of 11359, and the Aug'2018 historic high of 11623.
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Summary
All five US equity indexes settled net higher for the week.
The SPX and Nasdaq comp' broke new historic highs.
More broadly, all fives indexes are currently trading above their respective monthly 10MA, as the m/t trend is bullish.
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Looking ahead
A relatively light week is ahead.
Earnings:
M - CTLT, ZM
T - HOME, SCVL
W - M, CRWD, CLDR, ZUO, FIVE
T - CPB, MOMO, SIG, DOCU, AVGO, SWBI,
F -
-
Econ-data:
M -
T - PMI/ISM manu', construction, vehicle sales
W - ADP jobs, factory orders, EIA Pet' report, Fed Beige book (2pm)
T - Weekly jobs, Productivity/costs
F - Monthly jobs
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*as Monday is end month, expect considerably higher volume.
**As Friday is ahead of the Labor day break, expect subdued trading conditions, once the jobs data is out of the way.
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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.
