It was a bearish week for US equity indexes, with net weekly declines ranging from -2.4% (R2K), 1,8% (Trans), -1.6% (Dow), -1.2% (NYSE comp'), -0.8% (SPX), to -0.7% (Nasdaq comp').
Lets take our regular look at six of the main US indexes (monthly candle charts)
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
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Summary
All six US equity indexes were net lower for the week.
The two leaders - R2K and Trans, lead the way down, whilst the Nasdaq was most resilient.
More broadly, all six US equity indexes are trading above their respective monthly 10MA, and have positive monthly momentum.
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Looking ahead
Earnings:
M - $RFIL $HAIN $HITI $PLAY $HYFT $KMTS
T - $FPS $VRA $BIOX $TCOM $EPM
W - $LUXE $ISPR $LEN
T - $IPHA
F -
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Econ-data/events
M -
T - Empire state manu'
W - Retail sales, import prices, Manu' & Trade invent', housing market index, EIA Pet'
2pm FOMC announcement. 2.30pm Press conf'.
T - Weekly jobs, housing starts, Phil' Fed, Pending home sales
F - Indust' prod', leading indicators *OPEX*
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Final note
A bearish week, but nothing that merits any hysteria, as the bigger monthly charts remain bullish.
The coming week will see a rate hike, something that has been a pretty obvious call for many months. There are still a few in the mainstream who are in denial of course. After all, all they really care about is that the printers are spinning (they currently are... at $40bn a month), and low/zero/negative rates.
I see that the Anthropic IPO has apparently now been scheduled for late October. Mr Market will be inherently inclined to protect this AI monster, and I wonder if we'll see net upside into it.
In any case... summer is set to end in around ten days.
Not all will make it to the flip side of winter 2026/27.
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Have
a good weekend
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*the next post on this page will likely appear 4.20pm EST on
Monday.
