It was a very mixed week for US equity indexes, with net weekly changes ranging from +1.3% (Dow), +0.8% (SPX), u/c (Nasdaq comp', NYSE comp'), -0.9% (R2K), to -1.3% (Transports).
Lets take our regular look at six of the main US indexes
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
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Summary
Two US equity indexes were net higher for the week, two were effectively flat, with two net lower.
The Dow was significantly higher, whilst the Transports was significantly lower.
More broadly, the Nasdaq comp', Dow, NYSE comp', R2K, and Transports are trading under their respective monthly 10MA, whilst the SPX is holding above.
Monthly momentum in the Nasdaq comp' and R2K is negative, with other indexes set to follow in February.
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Looking ahead
Another very busy week is ahead.
Earnings:
M - NXPI, CBT
T - XOM, UPS, SIRI, AMD, PYPL GOOGL, GM, SBUX, GILD, EA, MTCH
W - ABBV, DHI, WM, MPC, FB, QCOM, SPOT
T - NOK, PENN, MRK, COP, LLY, HON, AMZN, F, SNAP, PINS, ATVI, U, SWKS, SKX, GPRO
F - BMY, REGN, RCL
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Econ-data/events
M - Chicago PMI
T - PMI/ISM manu', JOLTS, construction spend'
W - ADP jobs, EIA Pet'
T - Weekly jobs, PMI/ISM serv', factory orders
F - Monthly jobs
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| It was a rough January for US equities |
Final note
We have just one trading day left of January. Even if Monday is net higher, it won't do much to negate what has been an especially bearish start to the year... if from new historic highs (in a few indexes).
The market could certainly bounce for a week or two, but even if the bulls can manage that, the monthly cycles are set to increasingly favour the bears, and that bodes problematic across February, and into mid March... when rate hike'1 is due.
In any case, lets see how Monday/January settles.
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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.
