Weekend update - US equity indexes

It was a bearish week for US equity indexes, with net weekly declines ranging from -2.7% (Nasdaq comp'), -1.9% (SPX, Dow), -1.4% (NYSE comp'), -0.8% (R2K), to -0.4% (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 were net lower for the week.

The Nasdaq lead the way down, whilst the old leader - Transports, was resilient.

Five US equity indexes are trading under their respective weekly 10MA, and have negative weekly momentum. The exception in both cases is the Transports.  

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Looking ahead

It will be a short 3.5 day week... for Thanksgiving. 

Earnings:

M - $BLRX $CAAP $WRD $SYM $ZM $SMTC $SNEX $PFLT $FLNC $KEYS $PNNT $A $ALCO

T - $BABA $NIO $ANF $ADI $KSS $BBY $PONY $BURL $AMTM $AVXL $DELL $CLSK $WDAY $NTNX $ZS $AMBA $PD $URBN $NTAP 

W - $DE $LI $CLGN $HDL $EH 

T - -

F - $CHA

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Econ-data/events

M - - 

T - Retail sales, Case-Shiller HPI, Busi' invent, consumer conf', pending home sales

W - Weekly jobs, GDP Q3 (print'1), Intl' trade, retail & wholesale invent', Durable goods orders, Pers' income/spending, PCE, 

T - *CLOSED*

F - Chicago PMI,   *EARLY CLOSE 1pm EDT*

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Final note

Many are overly focused on the intraday action, which is always to be seen as semi-random chaos. As I like to say... 'don't get lost in the minor noise', as downside momentum has been building for a few weeks now. 

The collective of weekly charts I've highlighted are clear... the m/t ramp from April has ended. In the case of the SPX, target are 6200/6100s. Its not bold, and looks probable before year end. 

I'd also be mindful of the giant monthly charts, but hey... I won't duplicate here, what I've posted elsewhere.  

Ohh, and I'd not care whether the Fed cut rates or do nothing December 10th. It won't make any significant difference to the indebted sheep struggling to pay their basic living costs. 

I shall continue to call it... as I see it, not what I believe you want to hear. 
For that... my audience is perhaps 97% less.
At least I'll die not being a mainstream hack.  

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Have a good weekend... if you deserve it.
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*the next post on this page will likely appear 4.20pm EST on Monday.

OPEX as expected

US equity indexes closed sig' higher, SPX +64pts (1.0%) at 6602. Nasdaq comp' +0.9%. Dow +1.1%. The Transports settled +3.1%. R2K +2.8% 

SPX - daily

VIX - daily

Summary

US equities opened moderately higher, but the gains were shaky from the start, with the SPX reversing from 6576 to print a new s/t low of 6521. There was a secondary push upward to 6660, and settling at 6602.

Volatility was mixed, the VIX printing a morning high of 27.54, and settling -11.3% to 23.43.  
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  4c/39f

 

How long does St. Mary's have until the monsters burn it down?

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An ugly downside reversal

US equity indexes mostly closed significantly lower, SPX -103pts (1.6%) at 6538. Nasdaq comp' -2.1%. Dow -0.8%. The Transports settled -1.4%. R2K -1.9%

SPX - daily

VIX - daily

Summary

US equities opened significantly higher, with the SPX printing 6770. However, there was a powerful downside reversal, falling to 6534, and settling at 6538.

Volatility saw an early low of 19.28, spiking to 28.27, and cooling back to settle +11.7% to 26.42.  

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Above the London rooftops

Meanwhile...

Semeru, Indonesia

 
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Faded gains

US equity indexes closed mixed, SPX +24pts (0.4%) at 6642. Nasdaq comp' +0.6%. Dow +0.1%. The Transports settled -0.3%. R2K -0.03% 

SPX - daily

VIX - daily

Summary

US equities opened a little choppy, but the SPX did quickly build sig' gains to 6689. There was an equally significant downside reversal though... turning marginally negative to 6603, and settling moderately higher at 6642.

Volatility was mixed, the VIX printing an early low of 21.93, spiking to 24.79, and cooling back to settle -4.2% to 23.66. 
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Hyper bullish volcanoes and lightning

 Video of Indonesia’s Mount Semeru...

 

  
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A lower low

US equity indexes closed rather mixed, SPX -55pts (0.8%) at 6617. Nasdaq comp' -1.2%. Dow -1.1%. The Transports settled u/c. R2K +0.3%

SPX - daily

VIX - daily

Summary

US equities opened moderately lower, with the SPX breaking a new s/t low of 6574. There was a bounce to 6666.63, if seeing closing hour cooling to settle broadly lower at 6617.  

Volatility picked up, the VIX printing a new s/t high of 25.84, cooling to 22.91, and settling +10.3% to 24.69. 
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Monday depression

US equity indexes closed broadly lower, SPX -61pts (0.9%) at 6672. Nasdaq comp' -0.8%. Dow -1.2%. The Transports settled -1.8%. R2K -1.9% 

SPX - daily

VIX - daily

Summary

US equities opened broadly flat, and whilst there were a few bounce attempts... they were all sold into, the SPX printing a low of 6638, and settling broadly lower at 6672. Volatility picked up, the VIX printing 23.44, and settling +12.9% to 22.38  
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Bullish sunshine

Almost complete

 

6c/42f... might see snowflakes this week

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Weekend update - US equity indexes

It was a mixed week for US equity indexes, with net weekly changes ranging from +0.3% (Dow, NYSE comp'), +0.1% (SPX), -0.4% (Nasdaq comp'), -0.8% (Trans), to -1.7% (R2K).

Lets take our regular look at six of the main US indexes

sp'500

Nasdaq comp'

Dow

R2K

NYSE comp'

Trans

–

Summary

Three indexes were net higher for the week, with three net lower.

The Dow and NYSE comp' were marginally higher, whilst the R2K was sig' lower.

The Dow and NYSE comp' broke new historic highs.  

–

Looking ahead

Earnings:

M - $ARBR $XPEV $NIU $JKS $CRGO $VRME $YNM $ZK $NRXP $JJSF $HTHT $TCOM $HP $GLAD $IIIV $XP $LFMD $DAC

T - $HD $BIDU $AS $BRBR $FUTU $PDD $KLAR $JHX $CAN $ESLT $KULR $DLB $CCIF $VREX $POWL $SBLK $SQM $GBDC $LZB $QFIN

W - $TGT $WIX $TJX $BLSH $LOW $GDS $ICCM $KC $VIK $WSM $NVDA $PANW $NJR $CPA $ZTO $TBBB $JACK $BV $CRNC $HI

T - $WMT $ZIM $SCVL $ROAD $NNOX $ALLT $WMG $RERE $VIPS $VNET $BULL $VEEV $CPRT $GAP $ESTC $UGI $INTU $TEN $POST $ROST 

F - $BJ $VFS $MNSO $MOG.A $FRO $AZTA 

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Econ-data/events

M - Empire state manu'

T - Import prices, indust' prod', home builder conf' 

W - Phil' Fed manu', housing starts, building permits, EIA Pet', FOMC mins (2pm)

T - Weekly jobs, existing home sales, leading indicators

F - PMI serv' & manu', consumer sent'

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Final note

Despite what some might say, it was a mixed week for the collective of US equity indexes. The fact the Dow and NYSE comp' broke new historic highs, was another reminder that the mid/long term trend remains unquestionably bullish.

Sure... there are near term issues, not least if El Presidente decides to attack mainland Venezuela, in addition to the usual tourist vessels. There is background chatter that Zelensky might flee to Greece. There is Israel-Iran, we didn't forget about that, did we? Ohh, and there is Trump-China, as there remains no reason to expect Xi to bend the knee to Trump.

Seasonally... the market will favour the bulls into early January, but you know that.  

Gold, popcorn, a few blankets, what more do you need to survive into 2026?
 

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Have a good weekend... if you deserve it.
--

*the next post on this page will likely appear 4.20pm EST on Monday.

Reversing into the weekend

US equity indexes closed somewhat mixed, SPX -3pts (0.05%) at 6734. Nasdaq comp' +0.1%. Dow -0.6%. The Transports settled -0.3%. R2K +0.2%

SPX - daily

VIX - daily

Summary

US equities opened significantly lower, if seeing an upside reversal from 6646 to 6774. The afternoon saw considerable chop, cooling into the close to settle fractionally lower at 6734.

Volatility was mixed, the VIX printing an opening high of 23.03, but cooling back to settle -0.85% to 19.83. 

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A naturally red Thursday

US equity indexes closed very significantly lower, SPX -113pts (1.6%) at 6737. Nasdaq comp' -2.3%. Dow -1.6%. The Transports settled -1.7%. R2K -2.9%

SPX - daily

VIX - daily

Summary

US equities opened on a weak note, but then... it was a Thursday. The SPX saw very significant downside to 6724, and settling at 6737.

Volatility picked up, the VIX printing 21.31, if cooling back to settle +14.2% at 20.00 
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Midweek tedium

US equity indexes closed somewhat mixed, SPX +4pts (0.1%) at 6850. Nasdaq comp' -0.3%. Dow +0.7%. The Transports settled +0.8%. R2K -0.3%

SPX - daily

VIX - daily

Summary

US equities opened a little higher, with the SPX printing a new s/t high of 6869, cooling to 6829, and settling fractionally higher at 6850. Volatility remained subdued, settling +1.3% at 17.51.  

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Tuesday consolidation

US equity indexes closed rather mixed, SPX +14pts (0.2%) at 6846. Nasdaq comp' -0.25%. Dow +1.2%. The Transports settled +0.7%. R2K +0.03%

SPX - daily

VIX - daily

Summary

US equities opened a little weak... but all the bears could manage was 6806, recovering to 6855, and settling at 6846. Volatility was ground lower for a third day, the VIX settling -1.8% to 17.28. 

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Ending the shutdown

US equity indexes mostly closed on a very positive note, SPX +103pts (1.5%) at 6832. Nasdaq comp' +2.3%. Dow +0.8%. The Transports settled -0.3%. R2K +1.0%

SPX - daily

VIX - daily

Summary

US equities opened broadly higher, and whilst there was one cooling wave, a secondary wave took the SPX to 6841, and settling significantly higher at 6832. Volatility was ground lower, the VIX settling -7.8% to 17.60.

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