It was a bullish week for US equity indexes, with net weekly gains ranging from +6.9% (Transports), +6.1% (R2K), +5.7% (Dow), +4.6% (NYSE comp'), +3.9% (SPX), to +2.2% (Nasdaq 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 saw net weekly gains.
The Transports lead the way up, with the Nasdaq lagging.
More broadly, five US equity indexes are trading under their respective monthly
10MA, with negative momentum. The exception is the Dow, which is marginally above its 10MA, if still with negative momentum.
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Looking ahead
A very busy week is ahead, with another truck load of earnings, and an FOMC to announce a sixth consecutive rate hike.
Earnings:
M - ON, XPO, NXPI, CAR, GT, WMB, BSM, VAC
T - SOFI, UBER, PFE, BP, MRO, LLY, PSX, NEM, TM, AMD, DVN, ABNB, ET, LTHM, CHK
W - CVS, GNRC, HUM, PARA, EL, GOOS, ROKU, QCOM, MPC, HOOD, ETSY, APA, ALB, LUMN, FTNT
T - RCL, LNG, COP, MRNA, CROX, BTU, DDOG, PTON, NKLA, PENN, PYPL, COIN, SQ, DASH, MELI, WBD, TWLO, SBUX, CVNA, NET
F - FUBO, DKNG, PBR, EOG, D, DUK, ENB, CNK, HSY
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Econ-data/events
M - Chicago PMI
T - PMI/ISM manu', JOLTS, construction, vehicle sales
W - ADP jobs, EIA Pet'
*FOMC announcement/press release 2pm, with a Powell press conf' at 2.30pm. A rate hike of 75bps to 3.75-4.00% can be expected. A subtle threat to 'future pivot' is a distinct possibility.
T - Weekly jobs, intl' trade, productivity/costs
F - Monthly jobs
*as Monday is month end, I'd expect more dynamic price action on higher vol'.
**UK/European clocks roll back 1hr at 2am Sunday Oct'30th, with the USA following Nov'6th.
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| The sun sets on British Summer Time |
Final note
A strong week for the bulls, and its been somewhat amusing to see the cheerleaders start to get a little arrogantly bullish again. They remain to be seen for what they are... utterly clueless, the same people who were bullish META from the $384s, and are currently averaging down in the $96s.
If you think the bear market concluded from sp'3491, you've no business following me.
To the rest of you, I just hope you have enough drinks and popcorn for the 'big show' ahead.
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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.
