It was a wild week for US equity indexes, with net weekly changes ranging from +1.6% (Transports), +1.5% (R2k), +1.1% (Nasdaq comp'), +0.8% (SPX), +0.2% (NYSE comp'), to -0.1% (Dow). Near term outlook threatens renewed downside.
Lets take our regular look at six of the main US indexes
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
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Summary
Five US equity indexes were net higher for the week, with one net lower.
The Transports lead the way upward, whilst the Dow laggard.
More broadly, all six US equity indexes are currently trading under their respective monthly 10MA. Further, monthly momentum for the Nasdaq comp', R2K, and Dow, is negative. The other three indexes can be expected to follow in March.
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Looking ahead
There is a fair amount on the schedule, not least the CEO of Print Central, who is due both Wed' and Thurs' morning, to tout his monetary nonsense to the political hacks.
Earnings:
M - BRK.B, LCID, ZM, NVAX, WDAY, HPQ, SDC
T - TGT, SE, BIDU, DPZ, WKHS, KSS, UWMC, SOFI, AMC, PLUG, CRM, WISH, BROS, JWN
W - PSFE, ANF, DLTR, SNOW, CHPT, CPNG, AEO, VSCO, SPLK
T - BBY, KR, BJ, BILI, BURL, MRVL, COST, AVGO, GPS, SWBI
F -
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Econ-data/events
M - Intl' trade, Chicago PMI
T - PMI/ISM manu', construction
W - ADP jobs, EIA Pet' report, Fed Beige book (2pm) *Powell, House (10am).
T - Weekly jobs, product/costs, PMI/ISM serv', factory orders *Powell, Senate (10am).
F - Monthly jobs
*As Monday is end month, I'd expect more dynamic price action on higher vol'.
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Final note
It was a wild week in equity land. Whilst there was a powerful Thurs'>Friday recovery, indexes are still putting in lower highs and lower lows... which isn't bullish!
Frankly, the equity bears have nothing to prove. It is the bulls that should remain desperate to re-take multiple aspects of old support.... now new resistance.
In the case of the SPX, a February close under 4450 would make for a decisive bearish monthly settlement. Technically, that would offer natural target of the lower monthly bollinger, currently at 3117.
I'd keep in mind that the Nasdaq comp' and R2K saw bearish monthly settlements as of Jan'31st. We're really just seeing other indexes follow.
To those chasing this market upward, not least on margin, I have one simple thing to say...
Good luck with that.
For details and the latest
offers, see: https://www.tradingsunset.com
Have a good weekend
--*the next post on this page will likely appear 5pm EST on Monday.
