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.
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.
