It was a bullish week for US equity indexes, with net weekly gains ranging from +1.1% (Nasdaq comp'), +0.9% (SPX, NYSE comp'), +0.8% (Dow), to +0.3% (Trans).
Lets take our regular look at five of the main US indexes (monthly candle charts)
sp'500
Nasdaq comp'
Dow
NYSE comp'
Trans
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Summary
All five US equity indexes saw net weekly gains.
The Nasdaq comp' lead the way up, with the Transports lagging.
The SPX, Nasdaq comp', Dow, and NYSE comp' broke new historic highs.
All five US equity indexes are trading 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. Highlight of the week will likely be the CPI data.
Earnings:
M - TTD, BNTX, WKHS, GOLD, TSN, BRK.B, DISH, PRPL, AMC, SDC, CHGG
T - FUBO, COIN, UPST, U, WW
W - WEN, NIO, CLOV, EBAY, SONO, RIDE, ROOT
T - PLTR, BIDU, IQ, DIS, WISH, ABNB, RKT, SOFI, SNDL, DASH
F -
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Econ-data/events
M - JOLTS
T - Productivity/costs
W - CPI, US T-budget
T - Weekly jobs, PPI
F - Import/export prices, consumer sent'.
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Final note
With another set of index historic highs, it was just another bullish week. Whilst this week's inflation data will likely unsettle the market, I have to imagine the mainstream will continue to play along with the 'transitory' game for some months to come.
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Have a good weekend
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