It was a bullish week for most US equity indexes, with net weekly changes ranging from +2.9% (Transports), +0.9% (Dow), +0.7% (SPX, NYSE comp'), to -0.1% (Nasdaq comp').
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
Four US equity indexes settled net higher for the week, with one net lower
The Transports powered upward, whilst the Nasdaq comp' settled fractionally lower.
The SPX, Dow, 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 as bullish.
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Looking ahead
A somewhat light week is ahead, with a focus on retail earnings.With OPEX on Friday, we can expect considerable chop, if still leaning on the upward side.
Earnings:
M - NIU, PSFE, RBLX, TME
T - WMT, HD, LZB, CREE, DNUT, GRUB
W - TGT, LOW, TJX, ADI, NVDA, CSCO
T - M, KSS, BILI, EL, TPR, AMAT, ROST
F - DE, FL, BKE
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Econ-data/events
M - Empire state manu'
T - Retail sales, busi' invent'
W - Housing starts, EIA Pet', FOMC mins (2pm)
T - Weekly jobs, Phil' fed, leading indi'
F - *OPEX*
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| Once more... night must fall |
Final note
With a trio of index historic highs, it was just another week for the equity bulls. Price action itself is outright tedious, consisting almost entirely of algobot upward melt. This could easily continue into Labor day.
I would be especially mindful of WTIC and the R2K, if oil can break above the $77.00 threshold, and if the R2K can break a new historic high >2330s, it will bode very bullish for the main market into the autumn.
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Have
a good weekend
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*the next post on this page will likely appear 5pm EST on Monday.
