It was a bullish week for US equity indexes, with net weekly gains ranging from +3.8% (Transports), 1.6% (SPX), +1.5% (NYSE comp'), +1.3% (Nasdaq comp'), +1.1% (Dow), +1.0% (R2K). Near term outlook offers a little cooling, before resuming upward.
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 saw net weekly gains.
The Transports lead the way higher, with the R2K lagging.
The SPX, Dow, and NYSE comp' broke new historic highs.
More broadly, all six 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 very busy week is ahead, with a monster truck load of earnings. We'll also have the first print for Q3 GDP, and whilst it will likely show a growing economy, the rate of growth is itself slowing.
Earnings:
M - KMB, FB, LOGI
T - UPS, GE, MMM, LMT, JBLU, RTX, WM, HAS, LLY, PHM, AMD, MSFT, GOOGL, V, TWTR, HOOD, TXN, BYD
W - BA, GM, KO, MCD, BMY, SPOT, TEVA, TECK, F, TDOC, TWLO, NOW, ALGN, UPWK, EBAY, LC
T - SHOP, MA, CAT, MRK, MO, OSTK, ABV, CMCSA, SIRI, AAPL, AMZN, X, SBUX, SKX, GILD, WDC, DECK
F - XOM, CVX, PSX, ABBV, CCJ, RCL
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Econ-data/events
M - -
T - Case-Shiller HPI, consumer con', new home sales
W - Durable Goods Orders, EIA Pet'
T - Weekly jobs, GDP Q3 (print 1), Pending home sales
F - Pers' income/outlays, Chicago PMI, consumer sent'.
*as Friday is end month, I would expect more dynamic price action on higher vol',
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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.
