weekend update
REVIEW
The market started the week at SPX 2391. The market rose on Monday, hit an all-time high on Tuesday at SPX 2406, then started to pullback. On Wednesday the market had a gap down opening, hit SPX 2353 on Thursday, then rallied to end the week at 2382. For the week the SPX/DOW lost 0.40%, and the NDX/NAZ lost 0.60%. Economic reports were mostly positive. On the downtick: the NY FED, housing starts, building permits, and the WLEI. On the uptick: the Philly FED, the NAHB, industrial production, capacity utilization, leading indicators, the Q2 GDP estimate, plus weekly jobless claims declined. Next week’s reports will be highlighted by: Q1 GDP, durable goods, FOMC minutes, and housing.
LONG TERM: uptrend
It’s a bull market. For the past several months, however, the SPX 2400 level has offered stiff resistance. Maybe it is the high multiple valuations. Maybe it is the failure to get any of the promised economic policies passed. Maybe it is the FED raising rates and suggesting they are ready to start winding down their balance sheet. Maybe it is a combination of all three, and others. Whatever the reason the SPX has managed to add only 5 points to the 2401 all-time high since March 1st.
Source: https://caldaro.wordpress.com/2017/05/20/weekend-update-605/
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