It was a bearish week for most US equity indexes, with net weekly changes ranging from -5.5% (Nasdaq comp'), -3.0% (SPX), -2.8% (R2K), -2.7% (Trans), -1.0% (NYSE comp'), to +0.01% (Dow).
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
Five US equity indexes were net lower for the week, with one fractionally higher.
The Nasdaq lead the way down, whilst the Dow was very resilient.
All six US equity indexes have negative weekly momentum, and are trading under their respective weekly 10MA.
Zero sign of a s/t floor/turn, as the market is distinctly s/t broken.
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Looking ahead
A very busy week is ahead, with a monster truck load of big name earnings. Mr Market will also be looking at the first print of Q1 GDP and the PCE data.
Earnings:
M - VZ, AZZ, ACI, TFC, ZION, HBT, WASH, SIFY, CLF, NUE, SAP, CDNS, AGNC, AMP, GL, MEDP, PKG, ARE
T - GM, UPS, GE, PEP, LMT, FCX, SPOt, RTX, JBLU, HAL, TSLA, V, ENPH, TXN, STLD, CB, STX, BKR, WFRD, MAT
W - BA, T, VRT, HUM, GD, ODFL, APH, BSX, BIIB, META, IBM, F, CMG, NOW, VKTX, LRCX, CLS, VALE, ALGN
T - RCL, AAL, NEM, MO, CAT, LUV, BMY, MBLY, AZN, OSIS, MSFT, GOOGL, INTC, SNAP, ROKU, WDC, DXCM, TMUS, GILD, AEM
F - XOM, CVX, ABBV, CL, HCA, CHTR, ACMR, ALV, CNX, BALL
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Econ-data/events
M - -
T - PMI serv', PMI manu', new home sales
W - Durable goods orders, EIA Pet'
T - GDP Q1 (print 1), weekly jobs, intl' trade, pending home sales
F - Pers' income/outlays, PCE, consumer sent'.
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Final note
A third week for the equity bears. Whilst the decline of -311pts (5.9%) from 5264 to 4953 is interesting, it doesn't merit any bearish hysteria, as the m/t trend is STILL bullish.
This week's SPX close <5K threatens another 5% lower to around 4700, where we have multiple aspects of m/t support.
The 'wild card' of Israel/Iran appears set to escalate in the weeks ahead. That will be bearish for equities, but bullish the holy trinity of gold, silver, and oil. Thursday's overnight action is supportive of that notion.
Even if you don't want to trade it, I just hope you have enough popcorn for the big show, as planet Krazy is set to become increasingly insane... all the way into the Fall.
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 EDT on Monday.
