It was a bearish week for most US equity indexes, with net weekly changes ranging from -1.5% (Nasdaq comp'), -1.3% (R2K), -0.3% (NYSE comp'), -0.2% (SPX, Dow), to +0.2% (Trans).
Lets take our regular look at six of the main US indexes (monthly charts for perspective)
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
Summary
Five US equity indexes were net lower for the week, with one net higher.
The Nasdaq comp' lead the way lower, whilst the Transports managed a minor gain.
All six US equity indexes are trading under their respective monthly 10MA, and have increasingly negative momentum. By definition, all six indexes are m/t bearish.
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Looking ahead
A busy week is ahead, the highlight being the latest CPI data.
Earnings:
M - PLTR, BNTX, TSN, COTY, RIDE, UPST, AMC, PLUG, NVAX, CLOV
T - PTON, NCLH, WKHS, BHC, CRON, SOFI, RBLX, OXY, TTD, COIN, U, WYNN, RKT
W - YETI, FVRR, DNUT, WEN, PSFE, DIS, RIVN, BROS, BYND, KGC, SONO, BMBL, CPNG
T - SIX, TPR, USFD, AFRM, ACB
F - HNST
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Econ-data/events
M - Wholesale invent'
T -
W - CPI, EIA Pet', US T-budget
T - PPI, Weekly jobs.
F - Import prices, consumer sent'.
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Final note
It was indeed a pretty wild week in equity land. The full reversal of Wednesday's 'we won't need any 75bps rate hikes' gains, was a fierce reminder that this market is m/t broken.
The s/t setup threatens a bounce, if only a day or two (ahead of the CPI) but regardless, the broader picture is clear, as the US market is headed lower into the early summer. Even some of the mainstream hacks - such as Wilson of Morgan Stanley, are open to the sp'3500s or so.
If you are loving the market drama, you're going to have a great time into the summer. If you're tired of being beaten around, maybe quit buying into the bounces, and turn off your screen until at least Labor day.
These are the most insane, incredible, but also entertaining times. For more of the same, you know where to find me.
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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.
