weekend update
REVIEW
The week started at SPX 2416. After a pullback to SPX 2404 by Wednesday morning the market rallied to all-time highs on Thursday/Friday, hitting SPX 2440. For the week the SPX/DOW gained 0.80%, and the NDX/NAZ gained 1.55%. Economic reports for the week were mixed. On the downtick: consumer sentiment, the Chicago PMI, pending home sales, construction spending, monthly payrolls, the WLEI, the Q2 GDP estimate, plus weekly jobless claims and the trade deficit rose. On the uptick: personal income/spending, the CPI, Case-Shiller, the ADP, ISM manufacturing, plus the unemployment rate declined. Next week’s reports will be highlighted by ISM services and factory orders.
LONG TERM: uptrend
After breaking out of the SPX 2400 area late last week, the bull market headed into unchartered territory this week. Even the DOW joined the party and made all-time new highs. With the TRAN in an uptrend, it looks like the cyclicals are now joining the techs as they continue to extend higher in a seven month uptrend.
Source: https://caldaro.wordpress.com/2017/06/03/weekend-update-607/
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