It was a mixed week for US equity indexes, with net weekly changes ranging from +1.8% (Nasdaq comp'), +0.4% (SPX), -0.1% (NYSE comp'), -0.8% (Dow), to -0.9% (Transports).
Lets take our regular look at five of the main US indexes (weekly candle charts)
Two indexes were net higher, with three net lower.
The Nasdaq comp' saw very significant gains, whilst the Transports was broadly weak.
The SPX and NYSE comp' broke new historic highs.
More broadly, all five US equity indexes are holding above their respective monthly 10MA, and I thus see the m/t trend in all five as bullish.
The schedule is light. The highlight of the week will be the FOMC, and that will largely just be a question of how many times Powell and the mainstream media hacks use the word 'transitory' at the press conference.
M - HEXO
T - ORCL
W - LEN, HNST
T - JBL, KR, ADBE, SWBI
M - -
T - Retail sales, PPI, Empire state, indust' prod', busi' invent'
W - Housing starts, import/export prices, EIA Pet' report
FOMC announcement (2pm), with Fed press conf' (2.30pm)
T - Weekly jobs, phil' fed, leading indi'
F - *OPEX*
So.... it was a mixed week, but the collective of US equities are unquestionably still m/t bullish. It would seem even cooling to around 4000 is off the menu. Instead, perhaps 1-2% of cooling ahead of next Friday OPEX, and then resuming upward.
The Fed, the mainstream cheerleaders (CNBC, FOX Business, Bloomberg), and Mr Market itself, all appear content to play the 'transitory' game for some months. The question is how long can 'transitory' be deemed to be?
At what point would the fed break under concerns that inflation is spiraling out of control? It should be clear, from here on, every month will get ever more difficult for those at Print Central.
For charts, and whatever else I want to post about - outside the control of the mainstream media hacks, you know where to find me in... the twilight zone.
If you value my work on Blogger, Twitter, and want more of the
same, subscribe to my intraday service! For details and the latest
offers, see: https://www.tradingsunset.com
Have a good weekend
*the next post on this page will likely appear 5pm EST on Monday.