It was a bearish week for most US equity indexes, with net weekly changes ranging from -2.8% (Transports), -0.5% (Dow), -0.4% (SPX), -0.2% (NYSE comp'), to +0.3% (Nasdaq comp'). Near term outlook threatens another cooling wave.
sp'500
Nasdaq comp'
Dow
NYSE comp'
Trans
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Summary
Four US equity indexes were net lower for the week, with one net higher.
The Transports lead the way lower, with the Nasdaq comp' resilient.
More broadly, all five US equity indexes are trading above their respective monthly 10MA, and I thus see the m/t trend as bullish.
Ytd perform'
The Transports remains the leader, currently net higher for 2021 by +23.7%. The NYSE comp' is +12.7%, with the mighty Dow +11.8%. The SPX is +10.6%, with the Nasdaq comp' lagging, +4.5%.
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Looking ahead
Earnings:
M - RIDE
T - AZO, CBRL, URBN, ZS, TOL, JWN
W - LI, DKS, ANF, CPRI, NVDA, SNOW
T - BBY, DG, DLTR, BURL, CRM, COST, GPS, HPQ, ULTA, DELL
F - BIG
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Econ-data/events
M -
T - Case-Shiller HPI, consumer con', new home sales
W - EIA Pet' report
T - Weekly jobs, GDP Q1 (print'2), Durable goods orders, pending home sales
F - Pers' income/outlays, Intl' trade, Chicago PMI, consumer sent'
As Friday May'28th is the last trading day of the month, ahead of the three day Memorial Day/holiday break, I would expect considerable chop, on lighter vol', as many will turn off their screens.
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Final note
Whilst next week threatens lower lows, the m/t trend remains comfortably intact. A foray to around sp'4K with the Nasdaq testing the 200dma in the 12500s, would not merit anyone proclaiming a key m/t top is in.
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