It was a bullish week for US equity indexes, with net weekly gains ranging from +0.6% (Dow, R2K), +0.5% (SPX, NYSE comp', Trans), to +0.02% (Nasdaq comp').
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
All six US equity indexes settled net higher for the week.
The Dow and R2K lead the way higher, with the Nasdaq comp' lagging.
More broadly, all six 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
Earnings:
M - ACB
T - MU, VWE
W - JBIL, NG
T - KMX, BBBY, PAYX, MKC, JEF
F -
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Econ-data/events
M - Durable Goods Orders
T - Intl' trade, Case-Shiller HPI, Consumer con'
W - Pending home sales, EIA Pet'
T - Weekly jobs, GDP Q2 (print'3), Chicago PMI
F - PMI/ISM manu', construction, consumer sent'
*As Thursday is end month and Q3, I would expect considerable chop on distinctly higher volume.
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Final note
Do you remember the mainstream upset over Evergrande on Monday? Was I really supposed to think that would impact Q4 earnings for Occidental Petroleum, US Steel, or Microsoft?
How many times over the last decade have we been through this, fifty, or more than a hundred?
This week's rebound was just another reminder of underlying main market strength. The fact we managed net weekly gains is especially impressive. Some sectors - such as energy and financials, even managed bullish engulfing weekly candles, which bode very well for the main market next week, and into October/Q4.
Ohh, but you're still worried about a crash in October? Again, I'd refer you to the bullish engulfing weekly candles in energy and financials. Go stare at a chart of XLE of XLF for a good hour or two.
All the equity bulls are missing is a bullish breakout in the R2K >2330s, and WTIC >$77.00. Both of those appear due within the near term.
In these increasingly dark 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.
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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.
