It was a bearish week for US equity indexes, with net weekly declines ranging from -2.8% (R2K), -2.7% (NYSE comp'), -2.6% (Trans), -2.4% (Dow), -1.6% (SPX), to -0.4% (Nasdaq comp').
Lets take our regular look at six of the main US indexes (weekly candle charts)
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
–
Summary
All six US equity indexes were net lower for the week.
The R2K lead the way lower, whilst the Nasdaq was very resilient.
Weekly momentum has turned negative for the Nasdaq, Dow, and Transports. The other three indexes can be expected to follow next week.
–
Looking ahead
A busy week is ahead, as Q1 earnings increasing pour in.
Earnings:
M - GS, SCHW, FBK
T - BAC, MS, BK, PNC, UNH, JNJ, ERIC, UAL, IBKR, JBHT, OMC
W - ASML, ABT, PLD, TRV, USB, AA, LVS, KMI, DFS, CSX, OZK, CCI
T - TSM, NOK, BX, KEY, ELV, DHI, ALK, INFY, ALLY, NFLX, ISRG, PPG, WAL
F - AXP, PG, SLB, FITB, HBAN, RF
-
Econ-data/events
M - Empire state manu', retail sales, business invent', home builder conf'
T - Housing starts, building permits, indust' prod', *Powell, 1.15pm*
W - EIA Pet', Fed beige book (2pm)
T - Weekly jobs, Phil' Fed manu', existing home sales, leading indic'
F - *OPEX*
-
Final note
A bearish week, but nothing that merits any hysteria. Certainly, you can argue the US market is short term broken, but its a literal few weeks of cooling from recent historic highs. Volatility has started to pick up, with VIX printing 19.20, the highest since Oct'31st.
I'd argue the most notable aspect is gold, having printed a new historic high of $2448. Gold is warning of something, if not a number of things.
I could understand some of the bolder traders executing index shorts, but to me, the more comfortable of trades is long gold/silver/oil, at least into mid/late May.
Do you have enough popcorn for the 'big show' ?
For details: https://www.tradingsunset.com
Have
a good weekend
--
*the next post on this page will likely appear 4.20pm EDT on Monday.
