It was a bullish week for US equity indexes, with net weekly gains ranging from +4.2% (Nasdaq comp'), +2.7% (SPX, R2K), +1.7% (NYSE comp'), +0.7% (Dow), to +0.6% (Trans).
Lets take our regular look at six of the main US indexes
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
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Summary
All six US equity indexes saw net weekly gains.
The Nasdaq comp' lead the way up, whilst the Transports lagged.
All six US equity indexes are trading under their respective weekly 10MA, with negative weekly momentum.
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Looking ahead
Earnings:
M - SOFI, ON, DPZ, PHG, JKS, PARA, RIG, NXPI, WWD, LOGI, LSCC, ACGL, CHGG, RMBS, FFIV
T - PYPL, LLY, MMM, MCD, KO, EPD, MCLO, SIRI, CCJ, AMZN, AMD, SMCI, SBUX, RIOT, CZR, ROOT, LMND, OKE
W - PFE, CVS, GOLD, MA, NCLH, WING, KHC, EL, MAR, ARCC, QCOM, DVN, PAYC, CVNA, ACLS, FSLY, ETSY, CDE, NOVA, ALB
T - NVO, CNQ, PTON, MRNA, ZTS, PENN, APA, COP, CI, W, AAPL, COIN, SQ, DKNG, NET, BILL, FTNT, AMGN, BKNG, EXPE
F - LNG, HSY, FUBO, XPO, FLR, CBOE, PAA, MGA, TILE
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Econ-data/events
M -
T - Employment costs, Case-Shiller HPI, consumer conf'
W - ADP jobs, construction, ISM manu', JOLTS, EIA Pet'
*2pm FOMC announcement. 2.30pm Press conf'. No change in rates/policy can be expected
T - Weekly jobs, intl' trade, productivity, factory orders
F - Monthly jobs, consumer credit (3pm)
*as Tuesday is end month, I'd expect considerable chop on higher vol'
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Final note
A bullish week, but it didn't (for most indexes) fully negate the prior week's decline. The market remains s/t broken... if from historic highs.
April is due to settle net lower to some extent, but what about May? Best guess... resuming lower, once the Fed is out of the way. Even if there is no spooky news - in a geo-political sense, the market will be especially vulnerable to the realisation that the Fed will cut 1-2 times... at most.
Recent GDP data wasn't so great, and it should be clear, inflation is still distinctly warm... if not hot in some aspects. The cheerleaders continue to tout the #everythingisfine narrative, but its becoming ever more difficult for them.
May typically favours the bears anyway, and I have to expect the recent lows to be taken out. A test of m/t support - in the 4800/4700s appears realistic, if not probable.
There is the election of course, but I'd be more focused on Ukraine/Russia and the tinderbox that is the middle east. They are arguably two key components of the early phase of World War III. I don't say that lightly, and its bizarre how many are still in denial about the horrific path the society/species has chosen.
Living on planet Krazy is broadly unbearable, but then its been that way for much of the last five thousand years. I want off this rock!
For more of the same...
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https://www.tradingsunset.comHave
a good weekend
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*the next post on this page will likely appear 4.20pm EDT on
Monday.
