It was a bearish week for US equity indexes, with net weekly declines ranging from -2.3% (Nasdaq comp'), -1.4% (SPX), -1.1% (Dow, NYSE comp'), to -0.1% (Transports). Near term outlook threatens further cooling.
Lets take our regular look at five of the main US indexes
sp'500
Nasdaq comp'
Dow
NYSE comp'
Trans
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Summary
All five US equity indexes were net lower for the week.
The Nasdaq lead the way lower, whilst the Transports was very resilient.
The Dow, NYSE comp', and Transports 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 as bullish.
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Looking ahead
A lighter week is ahead, which will give the market some time to get twitchy about inflation and higher yields/rates.
Earnings:
M - CLOV, NIU, PRPL, RIDE, TWNK, FSR,TME
T - WMT, HD, BIDU, SE, M, IQ, TTWO, TCOM
W - JD, VIPS, TGT, LOW, ADI, TJX, CSCO, LB, KEYS,
T - CSIQ, KSS, LSPD, WOOF, BJ, RL, HRL, AMAT, PANW, DECK, ROST, SVM
F - DE, FL
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Econ-data/events
M - Empire state manu', Home builders
T - Building permits, Housing starts
W - EIA Pet' (10.30am), FOMC mins (2pm)
T - Weekly jobs, Phil' Fed, Leading indi'
F - PMI manu', PMI serv', existing home sales. *OPEX*
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Final note
The past week was very dynamic, with a powerful three day decline to sp'4056, and an almost equally powerful two day rebound to 4183. Such price action has done nothing to dent the m/t bullish trend. Whilst next week threatens another significant wave lower, I will have no concerns unless we see a sustained break <4K.
Does anyone really think 4238 was a key m/t top? Well, I guess a few of you might, but new historic highs in the 4300s still seem on the menu into early summer.
As for Twitter... my ongoing break is actually rather nice. Maybe I'll return next week, or maybe not, as I still have bigger priorities right now anyway.
If you're tired of the mainstream media hacks, believe in freedom of speech, and want to be overloaded by charts, then you know where to find me in... the twilight zone.
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Have
a good weekend
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*the next post on this page... unknown.
