weekend update
REVIEW
The SPX started the week at 2399. After a higher open on Monday and Tuesday the SPX made a new all-time high at 2404. It then pulled back to SPX 2382 before ending the week at 2391. For the week, the SPX/DOW lost 0.45% and the NDX/NAZ gained 0.50%. Economic reports for the week were mostly positive. On the downtick: the WLEI and the Q2 GDP estimate. On the uptick: wholesale/business inventories, export/import prices, the CPI/PPI, retail sales, consumer sentiment, plus weekly jobless claims and the budget improved. Next week’s economic highlights include: industrial production, the NY/Philly FED, and housing. Best to your week!
LONG TERM: uptrend
While the long-term count has remained unchanged, the general market has made little to no progress since the day after the POTUS addressed Congress on February 28th. On March 1st the SPX hit 2401 and has since traded between 2322 and 2404, while the NDX/NAZ have gained about 4.5%. Cyclical stocks have been flat, while growth stocks have been bought. A Q1 GDP, initially reported under 1%, might explain it. However, with 90% of the SPX already reporting Q1 results, sales have been +7.3% while earnings have been +14.7%. And it is the SPX that has been flat to lower.
Source: https://caldaro.wordpress.com/2017/05/13/weekend-update-604/
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