As usual Urban briefly shows the current market situation for the US market
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Summary: US equities have gained every month since April, and are up over 3% so far in July. Our long term view remains that SPX will make a new all-time high in the months ahead. That is now just 2.5% away.
The short term is less clear. SPX has gained 3 weeks in a row; most often, these streaks are followed by a higher high without too much interim give back. Sentiment and volatility data mostly supports further gains.
But, while July is typically a strong month, that strength has often been realized by the end of last week. The rest of the month is usually, at best, flat, and seasonality is typically a head wind in August and September. Right now, that tendency is further supported by weakening breadth momentum.
Earning data pushes to the forefront this week: 35% of the companies in the S&P will report their 2Q earnings in the next 5 days. The advanced estimate of 2Q GDP will be released Friday.
original post http://fat-pitch.blogspot.com/2018/07/weekly-market-summary_22.html
Submitted July 23, 2018 at 05:38AM by Derill_Patten https://ift.tt/2O9i8py
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