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The market started the week by making a new uptrend high on Monday, pulled back, made a new all time high on Thursday, pulled back, then ended the week within one point of the all time high. For the week the SPX/DOW were +0.60%, the NDX/NAZ were -0.75%, and the DJ World index gained 1.0%. Economic reports returned to a positive bias this week. On the uptick: retail sales, the NY/Philly FED, business inventories, the CPI, industrial production and capacity utilization, the NAHB housing index, and weekly jobless claims were lower. On the downtick: housing starts, building permits, the M1 multiplier and the WLEI. Next week more housing reports, durable goods orders and consumer sentiment.
Short term support is at the 1680 and SPX 1658-1667, with resistance at the 1699 and 1779. Short term momentum ended the week overbought.
FOREIGN MARKETS
The Asian markets were mostly higher gaining 0.2% on the week. Australia, India and Japan are in confirmed uptrends.
The European markets were mostly higher gaining 1.9% on the week. England, France, Germany and Switzerland are in confirmed uptrends.
The Commodity equity group were all higher on the week gaining 3.3%. Canada and Russia are in confirmed uptrends.
The DJ World index is uptrending and gained 1.0% on the week.
COMMODITIES
Bonds continues to look like they are beginning to uptrend gaining 0.7% on the week.
Crude remains in an uptrend since April gaining 1.8% on the week.
Gold continues to work its way higher gaining 0.9% on the week.
The USD may be downtrending again losing 0.3% on the week.
NEXT WEEK
Monday we have Existing home sales at 10:00. Tuesday: FHFA housing prices. Wednesday: New home sales. Thursday: weekly Jobless claims and Durable goods orders. Friday: Consumer sentiment. A quiet week, with a quiet FED, ahead of the FOMC meeting on Tuesday/Wednesday of the following week.