It was a bearish week for most US equity indexes, with net weekly changes ranging from -3.0% (Nasdaq comp'), -1.9% (R2K), -1.6% (SPX), -1.2% (Dow), -0.2% (NYSE comp'), to +2.0% (Trans).
Lets take our regular look at six of the main US indexes (monthly candle charts)
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 net higher.
The Nasdaq was powerfully lower, whilst the Transports were very significantly higher.
All six indexes are trading above their respective monthly 10MA.
Five indexes have positive monthly momentum, the exception being the Transports.
-Looking ahead
Earnings:
M - $B $MNDY $PGY $BXSL $CART $VFF $VG $BTDR $RAIL $AIOT $RGTI $CRWV $BBAI $RKLB $ASTS $WULF $PLUG $OXY $MVST $HROW
T - $NBIS $SE $DAVA $CWCO $HSAI $CRNT $CVGI $ORLA $PVLA $BWAY $BYND $OKLO $EPM $LPTH $INTZ $PAL $CAE $AII $DOX $PXLW
W - $CRCL $ARCO $ONON $AUTL $INVZ $GFS $GILT $CRMD $VLN $LOAR $CSCO $PAAS $ASND $GRAL $SERV $ABSI $DLO $CURI $CCAP $LB
T - $DIS $BITF $JD $BILI $GAMB $PSFE $WKSP $NICE $PLX $CSIQ $RCAT $AMAT $NU $SPCE $REKR $BZH $CODX $GLOB $TMC $LAZR
F - $SRRK $SR $TWST $INKT $GAUZ $PIII $FRGE $ITRM $SBC $LMFA
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Econ-data/events
*some data subject to not appearing, due to the shutdown
M - -
T - Veterans Day - Bond market CLOSED, NFIB optimism index
W - EIA Pet'
T - CPI, weekly jobs, US T-budget
F - PPI, retail sales, busi' invent'
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| 3.58pm GMT, Sat' Nov'8th |
Final note
The background chatter has perhaps never been more varied. We have the 'everything is fine' cheerleaders, to the 'imminent crash' doomers. As ever... the reality is usually somewhere in between.
Some of the mainstream have admitted we are overdue a basic 10% market correction, having broadly climbed from SPX 4835 to 6920. Such a decline would get us to the 6100s or so, which are viable before year end.
The end of the shutdown would be one positive headline, but how many hours would that keep equities propped up? How long until another subprime lender goes under? How long until tariff man decides the invasion of Venezuela, would make for a great distraction for the indebted sheep?
For tens of millions though... none of it matters, as the collapse/crash has already occurred. For many in Europe and North America, its not even about a choice between heating or food. We're proceeding beyond that stage.
What should be clear... 2026 will be worse on a societal and economic basis, not that it necessarily means equities won't be net higher. After all, since when did Mr Market give a damn about anyone other than the political/financial/societal elite ?
If you can afford it, I'd merely recommend you top up your popcorn supplies.
Subscription offers,
see: https://www.tradingsunset.com
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.
