It was a bearish week for US equity indexes, with net weekly declines ranging from -7.5% (R2K), -6.6% (NYSE comp'), -5.8% (SPX), -4.8% (Nasdaq comp', Dow), to -3.7% (Transports).
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
All six US equity indexes settled net lower for the week.
The R2K lead the way lower, whilst the Transports was most resilient.
More broadly, 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
It will be a short four day trading week, with Monday CLOSED for 'Juneteenth'
Earnings:
M --
T - LEN
W - WGO, KBH, FUL
T - ACN, RAD, DRI, FDX, BB, SWBI
F - CCL KMX
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Econ-data/events
M - -
T - Existing home sales
W - *Powell, US Senate
T - *Powell, US House, Weekly jobs, PMI manu', PMI serv', intl' trade
F - consumer sent', new home sales,
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Final note
It was another week for the equity bears, with the SPX breaking a new cycle low of 3636, the lowest since Dec'2020. So far this year... we've had seventeen net weekly declines, with seven net weekly gains.
Primary target of the lower monthly bollinger - currently 3529, is set to be hit, whether by end June, or within July. Some key stocks - such as AMZN, MSFT, AAPL, and TSLA, are more suggestive of the sp'3400/3300s. In any case... we've not floored yet.
As I'll continue to occasionally note, are you not hearing giant pieces being moved across the planetary board? The clock IS ticking! Are you positioned correctly? I'm not just talking about an equity portfolio, as the real problems are likely to begin this fall.
For much more of the same... you know where you find me.
Enjoy the three day break!
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*the next post on this page will likely appear 5pm EST on Tuesday, June 21st.
