It was a bullish week for US equity indexes, with net weekly gains ranging from +4.1% (Nasdaq comp', R2K), +3.6% (SPX), +3.4% (NYSE comp'), +2.7% (Dow), to +2.3% (Trans).
Lets take our regular look at six of the main US indexes (weekly candle charts)
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
–
Summary
All six US equity indexes saw net weekly gains.
The Nasdaq and R2K lead the way up, whilst the Dow lagged.
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 - ORCL
T -
W -
T - ADBE
F -
-
Econ-data/events
M -
T - USA CPI (consensus 8.1% vs 8,5% prior), *German CPI* (7.9% vs 7.5% prior), US T-budget
W - *UK CPI* (consensus 10.2% vs 10.1% prior), PPI, EIA Pet'
T - Weekly jobs, retail sales, Phil' Fed, Empire State manu', import/export prices, indust' prod', business invent'
F - consumer sent'. *QUAD-OPEX*
*As Friday is quadruple witching, I'd expect considerable price chop on very high vol'. I have to wonder if the market makers will be gunning for a pin around SPX 4K.
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| The Harvest Moon |
Final note
A bullish week... but it does nothing to dent what remains a bear market. It remains amusing how many of the mainstream are still in denial about the bear market in equities, but also the recession.
Regardless of what the hacks think (or rather, want us to believe), it should be clear, the bears have an open window to around the midterms.
I will merely add, you don't have to listen too hard to hear the creeks within the global capital markets, and the broader economy. Something is poised to snap.
Traders should have some wild opportunities across the next nine weeks. For more of the same, you know where to find me.
If you value my work on Blogger, Twitter, and want more of the
same, subscribe to my intraday service! For details >>> https://www.tradingsunset.com
Have
a good weekend
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*the next post on this page will likely appear 5pm EST on Monday.
