It was a bullish week for US equity indexes, with net weekly gains ranging from +3.7% (R2K), +1.9% (Trans), +1.8% (NYSE comp'), +1.4% (SPX, Nasdaq comp'), to +1.3% (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
All six US equity indexes were net higher for the week.
The R2K was powerfully higher, whilst the Dow lagged.
The NYSE comp' broke a new hist' high.
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Looking ahead
Earnings:
M - $PDD $TCOM $HEI $AMWD $BHP
T - $BNS $ALLT $BMO $S $PVH $BOX $NCNO $AMBA $JWN $SMTC $OOM $YY
W - $ANF $CHWY $KSS $FL $BBWI $SJM $NVDA $CRM $VSCO $CRWD $AFRM $OKTA $PSTG $VEEV $FIVE $HPQ $NTAP
T - $BBY $DG $AEO $OLLI $CPB $BURL $BIRK $DELL $LULU $ULTA $MRVL $GAP $ADSK $MDB $DDD $AMRK $ESTC
F - $FRO $JKS $MNSO
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Econ-data/events
M - Durable goods orders
T - Case-Shiller HPI, consumer conf'
W - EIA Pet'
T - Weekly jobs, GDP Q2 (print'2), intl' trade, pending home sales,
F - Pers' income/outlays, PCE, Chicago PMI, consumer sent'
*As Friday is end month, I'd expect more dynamic price on higher vol'. However, it will also be the lead into the Labor day holiday weekend, which would be inclined for subdued price action on low vol'.
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Final note
With next week being the lead into the Labor day holiday, I wouldn't expect too much. At best... the equity bears could seek sp'5500 with VIX 20s.
From Sept'3rd onward, price action should be increasingly dynamic, and leaning lower. Seasonally, Sept-Oct' will favour the bears. The fact we have an election, is only to going to add to the uncertainty. If there is anything the market doesn't like... its uncertainty.
Considerable popcorn and drinks will be merited all the way into Nov'5th. Beyond there... the market will be inclined for upside, if only on the relief that the election is 'out of the way'.
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Have
a good weekend
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*the next post on this page will likely appear 4.20pm EDT on Monday.
