It was a bearish week for most US equity indexes, with net weekly changes ranging from -3.1% (Nasdaq comp'), -1.5% (SPX), -1.4% (NYSE comp'), -1.1% (R2K), +0.2% (Trans), to +1.1% (Dow). Near term outlook threatens far lower levels.
Lets take our regular look at six of the main US indexes
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
–
Summary
Four US equity indexes were net lower for the week, with two net higher.
The Nasdaq comp' was the weakest, whilst the Dow was 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.
–
Looking ahead
Earnings:
M - BAC, SCHW, RIO
T - GS, JNJ, LMT, HAS, NFLX, UAL, JBHT, IBKR
W - PG, ALLY, ABT, BKR, NDAQ, TRV, WGO, TSLA, IBM, LRCX, AA, LVS, STLD, KMI, WDFC
T - T, AAL, NOK, NUE, BX, FCX, DOW, PM, ERIC, ALK, SNAP, CSX, WHR
F - VZ, AXP, SLB, HCA
-
Econ-data/events
M - Empire state manu'
T - Indust' prod', home builders index
W - Building permits, housing starts, EIA Pet' report, Fed Beige book (2pm)
T - Weekly jobs, Phil' fed, existing home sales, leading indicators.
F - *OPEX*
-
Final note
I'd suggest you scroll back up to the six charts, and look at the recent few weeks of price structure. Do you see the bear flags in some of the indexes? Whilst Thursday saw a disturbingly strong reversal... Friday sure didn't end so great.
Its difficult not to see further downside for another week or two. As I've been droning on for some considerable time, I see the bears having a window until around the time of the midterms. Prime time is next week.
... or maybe you'd like to be margin long, how about NFLX ? #unsubscribe
Have
a good weekend
--
*the next post on this page might appear 5pm EST on Monday.
