August settles weak

US equity indexes closed on a weak note, SPX -31pts (0.8%) at 3955. Nasdaq comp' -0.6%. Dow -0.9%. The Transports settled -1.0%. R2K -0.7%.

SPX - daily

VIX - daily

Summary

US equities opened a little choppy. There was an early push to 4015, but once again... the sellers appeared, with choppy weakness into the mid afternoon to 3965. The late afternoon saw considerable chop, breaking a new cycle low in the final seconds, settling at 3955. 

Volatility was subdued, the VIX settling -1.3% to 25.87, and is clearly not supportive of today's equity declines. 

SPX, monthly

The SPX printed 4325, but saw a net monthly decline of -175pts (4.2%) to 3955. The August candle is distinctly spiky from the key 10MA, and bodes bearish for Sept>early Nov'.
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The sun sets on August

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Goodnight from London
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The struggling market

US equity indexes closed significantly lower, SPX -44pts (1.1%) at 3986. Nasdaq comp' -1.1%. Dow -1.0%. The Transports settled -1.6%. R2K -1.4%

SPX - daily

VIX - daily

Summary

US equities opened on a positive note, but the gains were shaky from the start, with indexes quickly turning negative. There were numerous bounce attempts, but the market fell into the afternoon. The late afternoon saw another rally attempt, but price action was still weak, as the market is struggling with August due to settle.

Volatility was a little mixed, the VIX printing 27.69, if cooling back to settle u/c at 26.21.
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Goodnight from London
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Bearish follow through

US equity indexes closed broadly weak, SPX -26pts (0.7%) at 4030. Nasdaq comp' -1.0%. Dow -0.6%. The Transports settled -1.0%. R2K -1.0%.

SPX - daily

VIX - daily

Summary

US equities opened broadly lower, but all the bears could manage was 4017, before a recovery into the early afternoon.

Meanwhile...

 
Artemis'1... scrubbed. Next attempt... Friday, Sept'2nd
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The late afternoon saw renewed cooling, if holding above the early low. 

Volatility was mixed, the VIX printing 27.67, but cooling back to settle +2.5% to 26.21.

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Goodnight from London
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Weekend update - US equity indexes

It was a bearish week for US equity indexes, with net weekly declines ranging from -4.4% (Nasdaq comp'), -4.2% (Dow), -4.0% (SPX), -2.9% (R2K), -2.6% (NYSE comp', Trans).

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 Nasdaq lead the way lower, whilst the NYSE comp' and Trans were most resilient. 

More broadly, all six US equity indexes are trading under their respective monthly 10MA, with negative momentum. By definition, all six indexes are m/t bearish.

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Looking ahead

Earnings:

M - PDD, GAMB

T - BBY, BIDU, BIG, FUTU, BMO, NAT, IQ, CRWD, CHPT, CHWY, HPQ, AMBA, HPE, PVH

W - OKTA, VEEV, FIVE, NTNX, AI, S

T - CPB, HRL, SIG, CIEN, AVGO, LULU

F -

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Econ-data/events

M -

T - Case-Shiller HPI, consumer con', JOLTS

W - ADP jobs, Chicago PMI

T - Weekly jobs, productivity/costs, construction, vehicle sales

F - Monthly jobs, factory orders.

*As Wednesday is end month, I'd expect more dynamic price action on higher vol'

**As Friday is the lead into the Labor day holiday break, once the econ-data is out of the way, I'd expect subdued price action on light 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.

Powell Pain

US equity indexes closed powerfully lower, SPX -141pts (3.4%) at 4057. Nasdaq comp' -3.9%. Dow -3.0%. The Transports settled -3.9%. R2K -3.3%.

SPX - daily

VIX - daily

Summary

US equities opened in minor chop mode.

The CEO of Print Central duly appeared at 10am...

Powell warned of "some pain" to come, with rate hike'5 due Sept21st.
*I'd keep in mind the next CPI print is due Sept'13th (UK is due Sept'14th)

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Equities saw a spike to evens once Powell finished, but a secondary wave lower was far stronger, with the market spiraling lower into the close. Outright ugly.

Volatility picked up, the VIX settling +17.4% to 25.56.

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Goodnight from London
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Upside ahead of Powell

US equity indexes closed significantly higher, SPX +58pts (1.4%) at 4199. Nasdaq comp' +1.7%. Dow +1.0%. The Transports settled +1.7%. R2K +1.6%.

SPX - daily

VIX - daily

Summary

Equities saw considerable chop, but there was more upside power than in recent days, the SPX pushing upward into the late afternoon... tagging teal gap.

Volatility was ground lower, the VIX settling -4.6% to 21.78. Friday morning will see Powell at Jackson Hole, and whilst the market might open on a positive note, the s/t cyclical setup favours the bears into the weekend. 

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Goodnight from London
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Positive leaning chop

US equity indexes closed a little higher, SPX +12pts (0.3%) at 4140. Nasdaq comp' +0.4%. Dow +0.2%. The Transports settled +0.5%. R2K +0.8%.

SPX - daily

VIX - daily

Summary

US equities opened in minor chop mode. There was a push to moderate gains, but those largely faded on news the Iranian nuclear deal might be off. The afternoon saw further chop, if leaning on the positive side.

Volatility was subdued, the VIX settling -5.3% to 22.82.
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Goodnight from London
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Tuesday chop

US equity indexes closed a little mixed, SPX -9pts (0.2%) at 4128. Nasdaq comp' u/c. Dow -0.5%. The Transports settled +0.6%. R2K +0.2%.

SPX - daily

VIX - daily

Summary

US equities opened in minor chop mode, if leaning weak to break a new cycle low of 4124... almost fully filling orange gap. The late afternoon saw further chop, if settling above the lows.

Volatility was subdued, the VIX settling +1.3% to 24.11.
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Goodnight from London
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Rough Monday

US equity indexes closed very significantly lower, SPX -90pts (2.1%) at 4138. Nasdaq comp' -2.5%. Dow -1.9%. The Transports settled -1.6%. R2K -2.1%.

SPX - daily

VIX - daily

Summary

US equities opened significantly lower. There were a few bounce attempts, but they were very weak, with the SPX leaning broadly lower into the late afternoon.

Volatility picked up, the VIX printing 24.62, and settling +15.5% to 23.80.

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Goodnight from London
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Weekend update - US equity indexes

It was a bearish week for US equity indexes, with net weekly declines ranging from -2.8% (R2K), -2.6% (Nasdaq comp'), -2.5% (Trans), -1.4% (NYSE comp'), -1.2% (SPX), to -0.2% (Dow). Near term outlook leans bearish.

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, with the Dow most resilient.

More broadly, all six US equity indexes are trading under their respective monthly 10MA, with negative momentum. By definition, all six indexes are m/t bearish.

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Looking ahead

Earnings:

M - ZM, PANW

T - M, XPEV, JD, DKS, MDT, INTU, JWN, TOL, URBN

W - WOOF, NVDA, CRM, SNOW, ADSK, SPLK, WSM, BOX, VSCO, GES

T - PTON, DLTR, DG, BURL, ANF, COTY, AFRM, MRVL, ULTA, DELL, GPS, WDAY, FTCH, VMW

F - JKS

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Econ-data/events

M - Nat' act' index

T - PMI manu' & serv, new home sales

W - Durable goods order, pending home sales, EIA Pet'

T - Weekly jobs, Q2 GDP (print'2)

F - PCE index, personal income/spending, intl' trade, consumer sent' 

*Powell is due to speak 10am, at Jackson Hole.

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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.

Tedious Thursday

US equity indexes closed on a positive note, SPX +9pts (0.2%) at 4283. Nasdaq comp' +0.2%. Dow +0.1%. The Transports settled +0.8%. R2K +0.7%.

SPX - daily

VIX - daily

Summary

US equities opened in minor chop mode, and remained that way across the day. For a Thursday... it was unusually tedious. Friday OPEX will itself bode for broad chop, if on higher vol'.

Volatility remained subdued, the VIX settling -1.7% to 19.56.
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Goodnight from London
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