It was a mixed week for US equity indexes, with net weekly changes ranging from +2.7% (Transports), +1.2% (Dow, NYSE comp'), +0.8% (SPX), +0.1% (Nasdaq comp'), to -0.3% (R2K).
Lets take our regular look at six of the main US indexes (monthly candle charts)
sp'500
Nasdaq comp'
Dow
NYSE comp'
R2K - via IWM
Trans
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Summary
Five of the US equity indexes saw net weekly gains, with one net lower.
The Transports lead the way higher, whilst the R2K saw minor declines.
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
It will be the formal start of Q3 earnings season, beginning with the financials on Wednesday. The latest CPI data - due Wednesday, will merit considerable attention, not least in terms of the market's outlook on QE taper and interest rates.
Earnings:
M -
T - FAST
W - JPM, BLK, DAL, INFY
T - BAC, WFC, C, MS, USB, UNH, WBA, TSM, DPZ, AA, TACO
F - GS, PNC, SCHW, JBHT
-
Econ-data/events
M -
T - JOLTS
W - CPI, EIA Pet', FOMC minutes (2pm)
T - PPI, weekly jobs
F - Retail sales, import/export prices, Empire State, consumer sent', busi' invent. *OPEX*
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Final note
Whilst most indexes were net higher this week, we're still in a s/t downward trend that began late Aug'/early Sept'. I'm well aware of the ongoing crash calling (from the usual suspects), but the clock is arguably ticking for the bears. Once we're into November, the market will likely be focused on looking ahead to 2022, and power back upward.
This past week saw WTIC break above the key $77.00 threshold. That just leaves the R2K to break up and away. It seems just a matter of when... not if.
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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.
