It was a bearish week for most US equity indexes, with net weekly changes ranging from -0.7% (Trans), -0.6% (SPX, NYSE comp'), -0.5% (Nasdaq comp'), -0.1% (Dow), to +0.4% (R2K).
Lets take our regular look at six of the main US indexes
sp'500
Nasdaq comp'
Dow
NYSE comp'
R2K
Trans
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Summary
Five of the US equity indexes settled net lower for the week, with one net higher.
The Transports lead the way lower, with the R2K managing moderate gains.
More broadly, all six US equity indexes are still trading above their respective monthly 10MA, and I thus see the m/t trend as bullish.
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Looking ahead
Earnings:
M - LEN
T - CBRL, AZO, FDX, ADBE, ACB, SFIX
W - GIS, BB, KBH, FUL
T - ACN, DRI, RAD, NKE, COST, TCOM, VAIL
F -
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Econ-data/events
M - NAHB index
T - Housing starts, Intl' trade
W - Existing home sales, EIA Pet'
*FOMC announcement (2pm), Press conf' (2.30pm)
T - Weekly jobs, PMI Manu', PMI Serv', Leading indicators
F - New home sales
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| The last few days of summer 2021 |
Final note
With nine trading days left of September, the SPX is currently net lower by -98pts (2.0%). Even if September results in a net monthly decline, its still to be seen as a net bullish month, having printed a new historic high of 4545.
Yet here we are, two consecutive down weeks... oh the horror! The usual suspects (you should know the names/sites) are getting even louder with their crash calling. Of course... lets not forget, they've been at it since well before sp'4K.
So... do you want to short something? How about something energy related, such as Nat' gas, or maybe stocks like Occidental or Exxon? Or maybe big tech, Apple, Microsoft or Alphabet? As Jackson of the Prometheus would say, with a wry smile... "good luck with that".
I remain focused on the two key variables of WTIC and the R2K. Its notable that both saw net weekly gains, and are far from supportive of the correction/crash scenario.
Next week's FOMC will merit attention, but the irony is that if a plan for QE taper is announced, the market will likely rally on it. Further, rate hikes (if only one or two in 2022) are inherently bullish, not least for the US banks. Ohh, but do you want to short BAC or WFC though?
In these increasingly sick and twisted times, an ever smaller number of people are managing to maintain any degree of perspective. For more charts, and whatever else I want to post about - outside the
control of the mainstream media hacks, you know
where to find me in... the twilight zone. To the rest of you, I just hope you get what you deserve.
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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.
