It was a bearish week for US equity indexes, with net weekly declines ranging from -8.8% (Trans), -5.5% (Nasdaq comp'), -4.8% (SPX), -4.5% (R2K), to -4.1% (Dow, NYSE comp').
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 were net lower for the week.
The transports lead the way down, with the Dow and NYSE comp' most resilient.
The weekly candles are all bearish engulfing. Even if the market manages a 1-3 day bounce, this week's lows can be expected to be taken out before end month.
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 - AZO
T - ACB, SFIX
W - GIS, LEN, KBH
T - ACN, DRI, COST
F -
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Econ-data/events
M - Home builders index
*UK equity market CLOSED. Funeral service for Queen Elizabeth
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T - Building permits, housing starts
W - Existing home sales
2pm: FOMC announcement. A rate hike of 75bps to 3.00-3.25% can be expected. Powell will host a press conf' at 2.30pm, which will drag on for around an hour.
T - Weekly jobs, leading indicators
F - PMI Manu', PMI Serv'.
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| Autumn equinox is due Sept'23rd, 2.03am BST |
Final notes
The window of opportunity to prepare for winter 2022/23 has almost closed.
The chess pieces are in position, with a high threat of a 'wild card' geo-political event.
If you think the June low of sp'3636 is going to hold, you're at the wrong webpage.
If you want more of the
same, subscribe to my intraday service,
see: 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.
