Friday closed the day green across the broader markets leaving the RUT +2.83%, Dow +1.65%, SPX +1.65%, COMPX +.164% and the NDX up +1.27% on the day. Volume closed higher on the day for the only accumulation day in the past week. The week did close modestly red on the broader markets. The TRIN closed at .53 bullish on the day and the VIX at 24.42. Oil closed up $18.3 at $75.19 on the day and gold closed up $4.80 to $1242.50 a barrel.
The daily and weekly index charts left nice support hammers on the day/week. The Nas Composite holds over 2113.88 78.6%, NDX 1746.85 78.6%, SPX 1036.23 78.6% and 10036.70 61.8% on the Dow after all testing and holding this past week. Those are key levels of support and still holds as the line in the sand for the bulls. If we hold here a very symmetrical shoulder could form for an inverted head and shoulders on the daily charts. Would signify a higher low and a bullish pattern by holding here and turning back up.
The ES closed over 1060.50 38.2%, staying over it will be the key to higher ground for the ES now. Keeping over 1060.50 leads us to 1075 and onto 1085.50. Support is 1054 and 1042.75 as key areas. The NQ closed just over 38.2% 1789.25 by the skin of its teeth and now holding over will be key. The next steps up are 1817 and onto 1837. Support on the NQ is 1775 and 1754.75. The TF has 619 and onto 623.10 and 633. Support is 605.70 and 598.40 on the TF. A lot of data this week with Job’s being the big carrot at the end of the week. The week will close out August and it will also lead the market into the last big weekend of summer. Labor day marks the end of summer and will hopefully bring participation back to normal levels in the market.
Economic data for the week (underlined means more likely to be a mkt mover): Monday 8:30 Core PCE Price Index, 8:30 Personal Spending, 8:30 Personal Income, 1:30 FOMC Member Bullard Speaks. Tuesday 9:00 S&P/CS Composite 20 HPI y/y, 9:45 Chicago PMI, 10:00 CB Consumer Confidence, 2:00 FOMC Meeting Minutes. Wednesday 7:30 Challenger Job Cuts, 8:15 ADP NonFarm Employment Change, 10:00 ISM Manufacturing PMI, 10:00 Construction Spending, 10:00 ISM Manufacturing Prices, 10:30 Crude Oil Inventories, Vehicle Sales all day. Thursday 8:30 Unemployment Claims, 8:30 Revised NonFarm Productivity, 8:30 Revised Unit Labor Costs, 10:00 Pending Home Sales, 10:00 Factory Orders, 10:30 Natural Gas Storage. Friday 8:30 NonFarm Employment Change, 8:30 Unemployment Rate, 8:30 Average Hourly Earnings, 10:00 ISM Non-Manufacturing PMI.
Some earnings for the week (keep in mind companies can change last minute: Monday pre market nothing and after the bell SEED, WINN. Tuesday pre market DG, ENER, ISLE and after the bell APSG, DAC. Wednesday pre market HNZ, JOSB, JOYG, ZLC and after the bell HOV, MATK. Thursday pre market DLM, MOV, SCMR, and after the bell COO, FNSR, HRB, SEAC, TTWO, ULTA. Friday pre market CPB and nothing after the bell.
