It was a bullish week for US equity indexes, with net weekly gains ranging from +1.9% (R2K), +1.0% (NYSE comp'), +0.7% (Trans), +0.4% (SPX), +0.3% (Dow), to +0.1% (Nasdaq comp'). Near term outlook offers some post Fed cooling.
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 were net higher for the week.
The R2K lead the way up, whilst the Nasdaq lagged.
More broadly, monthly momentum remains negative in five indexes, the exception being the Nasdaq.
All six indexes are trading above their respective monthly 10MA, as the m/t trend is unquestionably bullish. In the case of the SPX, the bears need (to be decisive) a monthly settlement <3950.
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Looking ahead
Earnings:
M - ORCL
T -
W - ACB, LEN, RF
T - KR, JBL, WLY ADBE
F -
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Econ-data/events
M - US T-Budget
T - CPI
W - PPI
*FOMC announcement 2pm, with a Powell press conf' at 2.30pm. I expect no change in rates.
T - Weekly jobs, retail sales, Empire State manu', Phil' Fed manu', Indust' prod', Busi' invent'
F - Consumer sent', *QUAD-OPEX*
As Monday June 19th is CLOSED, I would expect the prior Friday to be pretty subdued on light vol'. The latter will be countered though... as its a quadruple option expiration.
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Summer subscription offers, see: https://www.tradingsunset.com
Have
a good weekend
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*the next post on this page will likely appear 4.20pm EST on Monday.
