It was a bearish week for US equity indexes, with net weekly declines ranging from -4.0% (Trans), -3.6% (R2K), -1.9% (Nasdaq comp'), -1.3% (SPX, NYSE comp'), to -0.7% (Dow). Near term outlook is distinctly bearish.
Lets take our regular look at six of the main US indexes (monthly 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 'old leader' - Trans, lead the way lower, with the Dow most resilient.
More broadly, all six US equity indexes are above their respective monthly 10MA, and have positive monthly momentum.
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Looking ahead
Earnings:
M - FCEL, ORCL, CASY
T -
W - CBRL, BUR, SMTC
T - ADBE, CPRT, LEN
F -
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Econ-data/events
M -
T -
W - CPI, EIA Pet'
T - PPI, weekly jobs, retail sales, busi' invent
F - Empire state manu', indust' prod', consumer sent'. *QUAD-OPEX*
*As Friday is quadruple option expiration, expect very dynamic price action on extremely heavy vol'.
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Final note
I have one simple question I'd like you to ask yourself...
Did the main market put in a m/t top from July/August?
For details: 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.
