It was a bearish week for US equity indexes, with net weekly declines ranging from -6.5% (R2K), -5.4% (Trans), -5.3% (NYSE comp'), -5.1% (Nasdaq comp'), -4.6% (SPX), to -4.0% (Dow). Near term outlook offers further downside.
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 powerfully net lower for the week.
The R2K lead the way lower, with the Dow most resilient.
The Dow, NYSE comp', and Transports have taken out their respective June lows.
Weekly momentum is negative in the SPX, Dow, NYSE comp', and Transports. The Nasdaq comp' and R2K, can be expected to follow as of next Monday.
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 -
T - JBIL, CBRL, BB, CALM
W - PAYX, MTN
T - BBBY, RAD, KMX, MU, NKE
F - CCL
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Econ-data/events
M - Chicago Fed Nat' Act' index
T - Durable Goods, Case-Shiller HPI, Consumer con', new home sales
W - Intl' trade, pending home sales, EIA Pet'
T - GDP Q2 (print'3), Weekly jobs
F - PCE, consumer income/outlays, Chicago PMI, consumer sent'.
*as Friday is end month/Q3, I would expect more dynamic price action on very high vol'.
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Final note
By now, you should be well aware of the increasingly loud creaking sounds, as the system is breaking.
Sometime real soon, we should see news about an institutional failure. This will likely be within Europe, and will be one of the final warnings before things turn outright scary.
In theory, Monday Sept'26th should open on a... 'problematic' note, Regardless, its been a bearish month and quarter.
If you've not yet bought your popcorn for the big event, it might be too late!
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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.
