It was a bearish week for US equity indexes, with net weekly declines ranging from -3.4% (R2K), -3.1% (Trans), -2.4% (Nasdaq comp'), -1.1% (SPX), -0.5% (NYSE comp'), to -0.2% (Dow).
Lets take our regular look at six of the main US indexes (monthly candle charts)
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
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Summary
All six US equity indexes settled net lower for the week.
The R2K lead the way lower, with the Dow most resilient.
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Looking ahead
Whilst there are a fair number of earnings, the highlight of the week will be Tuesday's inflation data.
Earnings:
M - CX, OWL, PLTR, SEDG, AVIS, DENN
T - KO, CLF, BTU, MAR, DVN, ABNB, UPST, NU, LTHM, TRIP, SU, HLF
W - RBLX, TTD, GOLD, GNRC, KHC, BIIB, ADI, SUN, DNUT, SHOP, ROKU, ET, CSCO, MRO, ALB, TWLO, CF, EQT, SPWR
T - STNG, DDOG, CROX, PARA, SO, HAS, SHAK, DKNG, AMAT, VALE, DASH, SBLK, RDFN
F - DE, AN, AMCX, ABR
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Econ-data/events
M -
T - CPI, consensus: Headline y/y: 6.2% vs 6.5% prior, Core y/y: 5.5% vs 5.7% prior
W - Retail sales, Empire state manu', indust' prod', busi' invent'
T - PPI, Weekly jobs, building permits, housing starts, Phil' Fed manu',
F - import/export prices, leading indicators.
*as Friday is OPEX, I'd expect considerable chop on higher volume. Further, with Monday Feb'20th CLOSED, I'd expect the preceding Friday to be subdued, and lean to chop.
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Final note
A net bearish week, and whilst next Mon/Tuesday will be prone for upside, last week's high of sp'4195 looks pretty secure. Things turn interesting again with a break <4K, although that looks unlikely next week.
Whilst this week's CPI print will likely show further cooling, I do expect a secondary wave upward this year. How the market reacts to a slowing economy, with higher inflation, should be very entertaining.
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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.
