It was a bearish week for US equity indexes, with net weekly declines ranging from -2.1% (R2K), -1.4% (Trans), -0.7% (Nasdaq comp'), -0.2% (NYSE comp'), -0.1% (SPX), to -0.02% (Dow).
Lets take our regular look at six of the main US indexes
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
–
Summary
All six US equity indexes settled net lower for the week.
The R2K lead the way down, whilst the Dow was most resilient.
The NYSE comp' broke a new hist' high.
Five indexes have positive weekly momentum, and are trading above their respective weekly 10MA. The exception is the 'old leader' - Transports.
–
Looking ahead
Mr Market will be focused on the Fed.
Earnings:
M - SAIC, ERJ, NIU, STNE, DLO, LTRN, RAIL, CMTL, ALPN, BTBT, EYEN, NCMI, RFIL
T - XPEV, TME, HUYA, CAL, CNM, WULF, HQY, ZTO, HROW, PGEN, CYCC, RLMD, CRVS
W - PDD, GIS, JKS, BNTX, OLLI, SIG, SRAD, KC, ORLC, MOGO, MU, CHWY, KBH, FIVE, GES, BEAT, SCS, LAAC, ALVO, CURI
T - LUNR, ACN, SNDL, ASO, DRI, BZUN, FDS, EXAI, LU, INKT, NKE, LULU, FDX, DRCT, AIR, VRTU, ASXC, HQI, HYPR, TELE
F - -
-
Econ-data/events
M - Home builder confi'
T - Housing starts, building permits
W - EIA Pet' report (10.30am)
FOMC announcement (2pm), Press conf' (2.30pm). No change in rates/policy can be expected, although Powell will be under pressure to allude to a rate cut/s this summer.
T - Weekly jobs, Phil' Fed manu', PMI serv', PMI manu', leading indi', existing home sales
F - -
-
Final note
A bearish week, but it doesn't merit even fractional hysteria, as the US market remains m/t bullish. I'd accept you could argue the Transports is a subtle warning of trouble, but really, I'd need to see the SPX <5K, to have any real concern.
The Fed are clearly not going to do anything until (at least) the June 12th FOMC. So long as Powell can continue to stay balanced on the proverbial tightrope, the market should have no problems into the Easter break.
My only concern in the near term is a geo-political 'wild card'. By definition... unless you have a time machine, its (usually) impossible to predict with any degree of accuracy. It does seem though we'll have some kind of 'event' before the US election. For the preppers out there, you can choose to prepare accordingly.
Ohh, and if anything, the upside break in Copper >$4.00 is arguably the most significant individual price movement this past week. Copper bodes bullish for Silver, needing to clear >$26.00, which would offer a challenge of psy' $30.
All the equity bulls are really lacking is the US 10yr yield back under psy' 4.00%, and right now, that doesn't look viable until the flip side of Easter.
For more of the same... well, you know where to find me.
For details and the latest offers, see: https://www.tradingsunset.com
Have
a good weekend
--
*the next post on this page will likely appear 4.20pm EST on Monday.
