- After four downside days market shows a faint hint of a bounce. - GDP a disappointing 2.7% as Q1 finishes slow. - US economic data is indeed a bit mushy but the newer data should show a pickup once more. - Bonds and gold continue to rally even as Europe supposedly gels. Maybe the EU is not gelling that well. - Leadership is not grand, but it is good enough for a continuing rally as stocks continue shaping up after that high VIX. - SP500 at the top of its lower range, somewhat at the lick log.
Stocks post gains, mainly aided by the small caps, but hardly changing the week.
It was awhile in coming, but the market did finally put together a gain on Friday, albeit a modest gain. It was significant after four days to the downside indeed, early in the session it was five days in the making. Stocks rebounded in the afternoon and managed to hold some of the gain into the close. There was a late fade, but it did not take away all of the upside. In the end it left the indices in an interesting position. The SP500 is indicative of the general tone of the market right now. It held at an interim support level that is part of the range of support down to the February lows and a bit beyond in May. This is also a long-term support level over the past decade. It is at a key level, and it has come back to test it after a bounce up to the bottom of the January range. We will see whether it can make a higher low and continue to the upside or if the lure of the February and May lows is too much and pulls the SP500 back down. Likely we will get more of a lateral, choppy, range-bound trade as the SP500 tries to base out.
Will it break lower? The bears say it will because there is a head and shoulders of sorts in place, and they are looking for a breakdown they can feast on. That depends on what the economy will do. There have been negative numbers, and this is forecasting the May and early June selling that took the market sharply lower off its highs. The market tends to lead the data, and the data started coming in weaker. Things are improving a bit, but in bits and spurts and in different parts of the economy. Not all of the economy is sharing the nice upside gains that manufacturing, for instance, is enjoying.
Friday started on somewhat of a positive note, but it could not hang on to the gains. GDP for Q1 got its third and final revision, and it came in at 2.7%. That was significantly lower than the 3% expected and reported beforehand. The GDP number has been whittled down with each iteration for the quarter, and it is still a decent gain as the economic recovery slowed a bit after a decent Q4. Even so, the futures were up and had a hard time holding onto the gain. Then the Michigan Sentiment came out at 76, topping expectations of 75.5 which was a prior reading. That helped boost the market back up. As has been the case all week, it is the ability to keep it up so to speak as to what would happen in the final ticker. Mid-morning it sold off, but fortunately that was to session lows. A steady rebound through lunch and into early afternoon took the indices to new highs for the session and for gains only see them peel back in the last 45 minutes. It hung onto most of the recovery gains, but that did not post solid moves for the indices. NASDAQ +0.25%; Dow -0.1%; SP500 +0.3; SOX was flat; SP600 +1.7; NASDAQ 100 -0.3%.
Not a strong session, but that was not the point of the day. We were not expecting it to blaze back to the upside. I wanted to see how this level of support held and also the one below it. The first level held. Even though it did not send stocks screaming higher, you did not expect it to do that on a Friday in the summer. Status quo was the word for the day, and that is basically what the indices showed us.
The key at this point is whether the indices can make a higher low in this double bottom recovery off the March and June lows and then continue back up this time to delve into the January peak range. That is one step at a time. A higher low is a positive. There was a higher high, a higher low, and we will see if it can continue to the upside. One thing you have to watch out for is the old ABCD pattern. You need to watch whether there is an A, a higher B, a higher low on the C, and then a higher high on the D that fails. If there is a rally to the top of the January peak range that fails, you have your downside ABCD in place and that could send the market at least down to the prior lows. If things are really bad, it could break down and start selling further, thus somewhat destroying the base it is trying to set up.
OTHER MARKETS.
Dollar. The dollar was down modestly on Friday (1.2387 Euros versus 1.2328 Thursday). It is holding over the 50 day EMA. It bounced off it early in the week and then faded back as the week went on. There seems to be a perception that either Europe is getting stronger so the dollar is not the necessary safe haven that it has been. Nonetheless, it is still quite solid in its uptrend, and this 50 day EMA test is a normal test before a continuing move higher. Click to view the chart
Bonds. Bonds enjoyed a strong week, rallying solidly even though Europe was supposedly under control for now (10 year US Treasury yield 3.11% versus 3.13% Thursday). Bonds were able to rally a bit, and they rally on worries about the economic future. When Europe was falling, they rallied because it was a safe haven. If there is worry about the US in trouble (as there were issues with the economic reports this week), then they rise because of worry about US equities. The money needs to move somewhere else. Breaking through that high, and trying to move to a higher high. Nothing looks like it will stop bonds at least for the near term. Click to view the chart
Gold. Gold posted another gain as well. It was a week of steady gains to the upside following that Monday reversal where gold hit a new all-time high and reversed intraday. It immediately started back up and marched its way higher through Friday. Though it did not close at a new high again, it did not have a bad day or a bad week ($1,255.10, +9.20). Not a bad performance at all. It seems that inflation worries and worries in general are driving gold to higher highs. It was not a new high on Friday, but it looks ready to put in a new one soon. Click to view the chart
Oil. With a storm brewing in the Caribbean Sea and threatening to move into the Gulf with all that oil, oil prices rallied ($79.02, +2.51). It rallied nicely on the session, clearing the 200 day EMA, and moving to a new closing high on this rally off the trading range low. It looks like it is going to continue higher into this March range as anticipated. Somewhere around $83-83.50 would be a good target to shoot for. We have our OSU play that is riding the gains in oil to the upside. Just as an aside, you might want to fill up some of your 5-15 gallon gas tanks if you are on the Gulf Coast (and maybe anywhere else). Oil prices looks like they will head back up thanks to a storm and a massive amount of oil floating around the Gulf. That oil is ready to be thrown up into the marshes and ruin our coastline for a long time to come. Is that a little too pessimistic for the weekend? Instead I will say the tropical storm will form and then it will fizzle out. High pressure will come along and sheer off the top of it and push it out of the way. Sound better? Click to view the chart
TECHNICAL PICTURE
INTERNALS
Volume. Volume was massively higher, up 70% on NASDAQ to 3.35B, and up 70% on the NYSE at 2.1B. We must have finally broken through the volume dam and now the players are in and ready to push the market higher, right? Not quite. Friday was the Russell Index rebalance. All of the Russell indices have to be rebalanced, and that means companies had to get the weighting right based upon capitalization. They had to buy some of this and sell some of that you know the story and volumes across the market surged. On chart patterns you can see a lot of volume that looks stronger and looks great. It means nothing because it was all artificial based upon index buying so they could have the properly weighted index tracking funds. Do not put any weight on the volume.
Breadth. Breadth was 2:1 on NASDAQ, and a 2.6:1 on NYSE. Not bad breadth, but not great either. We have seen much stronger of course, on many days where the market has surged. Note that there was not a lot of gain or loss on the indices, but the breadth was solid. Much stronger than the fractional gains on the indices would suggest. That is the small cap index. It was up over 1% on the session, and there are a lot more small caps than large caps. When that index moves higher, that means a lot of stocks are moving and there is better breadth.
CHARTS
SP500. The SP500 is at a key interim support level that was hit on the May 6th flash crash and other points in time. There is more support at the May, June, and February lows, so perhaps it will trade to that level. It looks like the path of least resistance was down there, but this doji on Friday makes things interesting. It does not make any definitive statement, but it says that things are interesting and could bounce off this level. That would make a nice higher high/higher low combination and set the market to move back to the upside. Of course it could also set up the ABCD downside play, but you cannot worry about that now because it has not formed. That is like worrying about an earthquake or tidal wave that may happen someday. It can happen, but it does not mean it will. Not a bad place for it to end the week, but the momentum is still downside.
NASDAQ. The NASDAQ has a similar picture, but it is not as clear as SP500. NASDAQ broke below its 200 day EMA Thursday, tried to recoup some ground on Friday, but was not that successful. It has a doji and is sitting in no man's land. Below the 200 day EMA, above this potential level of support, and well above the February low. It is wandering, following the leader, and not doing a lot. It does have what the bears would call a head and shoulders in place with this move on Monday up through the January peak and the reversal. That would be the right shoulder, and it sold there since. It looks like it still has more of a downside flavor to test the June, May, and possibly the February low. That looks to be the path of least resistance, but if the SP500 moves up off its test at a key support level, then NASDAQ will most likely follow the large caps back to the upside.
SP600. The small caps were the movers of the day. Up 1.7% on SP600, and on the week they held the top of the January peak and bounced nicely on Friday. Perhaps a higher low is coming. It is in the range where it needs to show us something if it will continue to the upside. It broke the downtrend line, is threatening to crack over it, but it jumped back above it on Friday after a weak Thursday. Where it goes from here likely tells the story near term for the market because the small caps are performing well. Maybe an inverted head and shoulders could send it back up to 358-360. That will be the resistance you have to like at for the small caps as they try to bounce higher. They are in position to do it, but the question is if they will.
SOX. SOX was interesting. It reached all the way down to the 200 day EMA on the Friday low and reversed to close just flat, but showing a nice doji off the key 200 day EMA. Very important support level at 337-335. It is a long term support level, like on NASDAQ and the SP500. This doji can indicate that a momentum shift is coming, but it does not mean anything in and of itself; it needs confirmation of another good upside day. Looks promising but, then again, it was Friday and there was a rebalance going on. You cannot take too much to the bank with the action we saw on Friday with artificial higher volumes that were the result of the Russell rebalance.
LEADERSHIP
There are a lot of stocks that look nice despite the market looking pretty much like crapola. That supports the fact that SP500 is trying to make a higher low after making a higher high on its bounce. That plays into perhaps a hold and that higher low that I was looking at.
Financial. JPM definitely benefitted from the congressional agreement on financial reform, and that helped boost a lot of the banks. JPM jumped higher (and nicely so). I have been watching it for awhile and liking what I see. WFC was up, but it struggled and did not have a very good day. It was not a great session all the way around for the financials. WFC had a left shoulder, a head, right shoulder not a good look for it.
Consumer. Consumer stocks had a rough week, but GMCR did not have too rough of a Friday. It bounced nicely off a doji at the 200 day EMA and held most of its gain. It looks like a good entry point. If you are not in it, take a look at that one because it can really fly.
Energy. Energy had a decent day. Oil was rallying, even though it was because of a potential storm in the Gulf to see how well oil and water can mix. Nonetheless, energy stocks followed oil prices to the upside. HAL looked like it was moving down, but it posted a nice bounce to the upside. Refiners are also doing well. VLO has something of an inverted head and shoulders after it sold down from its May peak. There might be some life in the refiners after a long hiatus.
Entertainment. Then there are the sin stocks. These are where we try to drown our sorrows or throw our life savings into a one-armed bandit. WINN resorts was pulling in big volume as it broke to a new closing high on this bounce. Good enough for us to get positions on it that we have been looking for.
Retail. Retailers had a very tough week. HD and LOW were downgraded, and it was a tough week all around. Friday was not the worst day, but it was a blas walk out the door for the weekend. This was after a sharp, harsh week to the downside brought the index to a new low on this selloff after it tested the 200 day EMA breakdown and could not move through it. Retail is not doing well right now. It lead the market higher when no one expected things to be as good as they were. Now when everyone expected things to be good, it started to move to the downside. It is a fickle market, but we all know that is the way it works.
Precious Metals. Precious metals had a good session. PAAS did not have a huge move just a steady pattern and breaking higher. GLD gapped higher. It did not make an all-time high, but it is looking solid as gold continues to go higher and higher. This is exactly what I expected at the start of the year. It is continuing the move.
Semiconductors. Semiconductors remain strong. NVLS had a nice pullback, very solid setup for the run higher. It was not a great week for them if you only look at the week, but you can see great things if you look at the pattern. LRCX is showing a similar pattern. There is a bit of a double top, but I like the way it is holding the 50 day EMA. It can give a good bounce off that level. The point is that though it may not be pretty, there are a lot of nice-looking patterns in the semiconductors and other sectors of the market. Not huge, broad areas of leadership strength, but some key areas have improved over the past few weeks ever since the market tried to bottom and started to bounce up and down. That buys time for good stocks to set up patterns. If they can break out and find the bids to send them higher, that is good for the market overall; it can keep a rally going. Again, SP500 is right at the top of a support range, and it is a great place for it to find support and bounce. If it does, that shows it is a little bit stronger than we thought. Normally I would think it would drop to the February lows and fully test that move. It may not do it there. Showing signs of life, but can we take it to the bank right now? No. It was just a doji on Friday. There was some short covering after four days to the downside, and we cannot anticipate that SP500 will rally from here. Especially when this door is open to go back down to the lows. On the other hand, it could find support anywhere in this range, even where it closed on Friday.
THE MARKET
MARKET SENTIMENT
VIX. The VIX did bounce this week as the market sold off. Of course they move in an inverse relationship most of the time. There was a big spike higher over a month ago that set the stage for the rally. VIX tailed off to the 200 day EMA, but it uncannily held that level and bounced as the market peaked and sold back. Now we will see if the VIX will stall out again as it looks like it is trying to do at the bottoms of the prior surges and tests, and send the market itself back to the upside.
This past week the bearish number of investment advisors topped bullish advisors. That is a rare event and thus very noteworthy. It falls into our theme that the sentiment indicators have hit extremes and are at levels sufficient for at least a more sustained bounce in the indices.
This is a reading of the number of bullish investment advisors versus bearish advisors. The reason you look at this is that it gives you an idea of how bullish investors are. If they are too bullish then everyone is in the market and it is heading for a top: if everyone wants to be in the market then all the money is in and there is no more new cash to drive it higher. On the other side of the spectrum if there are a lot of bears then there is a lot of cash on the sideline, and as the market rallies it drags that cash in as the bears give in. That cash provides the market the fuel to move higher. If bears are low it is the same as a lot of bulls: everyone is in and the market doesn't have the cash to drive it higher.
Bulls: 41.1% versus 37.0%. Market sells off while bulls rise. Typical inverse relationship. Not a dangerous level but on the rise. Fell from 43.8%, 47.2%, and 56.0% before that. This move started at a low of 35.6% in February, the lowest it has been since July 2009. 35% is the threshold level suggesting bullishness. After peaking at 53 on this move the bulls lost some nerve, falling to a new low post- July 2009. Once again bulls peaked out near the 50% level. Bulls have bumped at 50ish since late August 2009, falling to 45ish and then rebounding. Hit a high of 47.7% mid-June on the run from the March lows. Again, to be seriously bearish it needs to get up to the 60% to 65% level.
Bears: 31.1% versus 32.6%. Of course bears fell as well as the market fell, again the inverse relationship. Solid rise from the mid to upper 20's, now waffling some. Fell to 18.7% on the low. Hit a high of 27.8% level on the prior leg in February. Over 35% is considered bullish for the market; definitely at the lower end of the scale. Peaked near 28% in November, falling short of the 35.6% hit in July 2009. For reference, cracking above the 35% threshold considered bullish. Hit a high on this run at 47.2%. For reference, bearishness hit a 5 year high at 54.4% the last week of October 2008. The move over 50 took bearish sentiment to its highest level since 1995. Extreme negative sentiment. Prior levels for comparison: Bearishness peaked at 37.4% in September 2007. It topped the June 2006 peak (36%) on that run. That June peak eclipsed the March 2006 high (33%) and well above the 2005 highs that spawned new rallies (30% in May 2005, 29.2% in October 2005). That was a huge turn, unlike any seen in recent history.
NASDAQ
Stats: +6.06 points (+0.27%) to close at 2223.48 Volume: 3.349B (+69.81%)
Up Volume: 2.147B (+1.907B) Down Volume: 1.814B (+10.897M)
A/D and Hi/Lo: Advancers led 2.18 to 1 Previous Session: Decliners led 3.06 to 1
New Highs: 44 (+27) New Lows: 111 (+16)
NASDAQ CHART: Click to view the chart
NASDAQ 100 CHART: Click to view the chart
SOX CHART: Click to view the chart
SP500/NYSE
Stats: +3.07 points (+0.29%) to close at 1076.76 NYSE Volume: 2.147B (+70.28%)
Up Volume: 1.768B (+1.657B) Down Volume: 776.22M (-367.88M)
A/D and Hi/Lo: Advancers led 2.63 to 1 Previous Session: Decliners led 3.28 to 1
New Highs: 84 (+10) New Lows: 64 (0)
SP500 CHART: Click to view the chart
SP600 Chart: Click to view the chart
DJ30
Stats: -8.99 points (-0.09%) to close at 10143.81 Volume DJ30: 434M shares Friday versus 244M shares Thursday. Russell rebalance.
DJ30 CHART: Click to view the chart
MONDAY
It will be a big week not only technically, but for information. Personal income and spending, Case-Shiller, consumer confidence, regional manufacturing from Chicago, national manufacturing, pending home sales, and not to mention that little old jobs report on Friday. It has truncated expectations at -100K. After 431K in May, that looks like a sharp drop off, but just over 400K jobs in May were all census workers anyway. It does not matter. Talk about the quintessential bean counters: jobs created through the census. Those are no more created than, say, jobs to paint the Golden Gate Bridge 10-15 times just to keep people busy. The jobs report will be out on Friday, and there are not high expectations. You know what they say: Those who expect nothing are never disappointed. Perhaps if you expect crap, you can get something slightly better and maybe get a rally out of it.
Speaking of rallies, can the SP500 make a higher low and capitalize on that higher high and move toward the top of the January range? That is the question that remains to be seen. We are putting a lot of burden on this little doji. There is a little more than that, however. There is the top of the support range, and the market has found support there and bounced higher in the past. It is not completely out of the question, it is just that the market is so noncommittal right now. It seems the easiest path is to the downside and the May and February lows. Maybe I am reading too much pessimism into it. After all, there is a double bottom at the prior support, a rally, and it got some traction. It came back and now it is holding at that level. It could happen.
I believe the market is in a trading range. It may not break below the February lows at all. It could keep bouncing up and down in a trading range as it forms a base. Frankly, it could use a base after the long run off the March 2009 low that really has not been tested much. Indeed, this is the biggest test thus far. It has given back all of the February to April rally which was the last move higher in the overall longer term rally. When you give back all of it, it makes it harder to continue to the upside. Either the market breaks down or it bases out. Then if it finds the same positives down the road in terms of the economy, it can break out as well. Stock prices should rise in order to take advantage of a continuing economic upturn.
There is a lot to be said for this pattern. If it breaks below roughly the February and May/June lows, then you have a problem because it is likely going lower after a test. If it continues to consolidate, that is a good sign because it shows that the market (and investors) still think there is something out there in the future despite the slight weakening of the economic data over the past month or two. If it feels something is still out there, it will build the prices in ahead of time. Thus a consolidation is a positive because it sets the stage for the move higher.
As noted, leadership is a little bit fatter. It is not a big chunk of the market, but the small caps had a good session on Friday, and more and more stocks are in decent setups that can break to the upside and make us money. We picked up some positions on Friday, and there are others we are looking at. I am sure I will find even more over the weekend as I sift through the market looking for potential plays. It has been four days down, and often the market in this selloff will give us a bounce after that kind of a move. We will see. It could easily fall from this doji. Sometimes the doji are just interim doji, and they do not stop the move because they are not at the end of anything. This one is more significant than just one being thrown out in the middle of nowhere because it is at the top of the support range. That gives it more credence and is worth watching. If there is a good move up and it can make it stick, we will take a few of these good positions on quality stocks that are in position to move higher. If you see good stocks looking like they will move, they are worth taking the chance on. If they do not pan out, you close them and move on, and say it just was not time. If you are right, you have a potential for a big reward because a lot of people are pessimistic. The market sold off a bit, and it has some room to run if it decides upside is the way it wants to go.
We do have to look at some downside plays just to be ready in case there is a bounce early in the week that stalls out. Even if there is a good move back to the peak from Monday, you still have to watch out for that January range because it can turn around and send things right back down with that downside ABCD pattern. We just have to keep our options open and recognize that the market is in a basing process. It has rallied a long way, and if it will move higher it will have to move sideways for a while. It is now in that process, and it has done that for almost a month and a half. That was after the selloff from late April into late May. Now that it has sold off it has been moving laterally, but it still has more work to do. Sadly, we can look forward to range trading for awhile if it does not break down. Even if the market does break lower, it has the prior lows to hold it and continue working on the base. If it gets down to those lows, then I would definitely be looking for a bounce just as I am looking for a potential bounce off of this interim support level. Not the strongest of the support, and I would not be surprised to see it break and come down lower to the May and June lows or the February low, and then find support again for a new rally or bounce back up. All the while, however, inside its basing range.
It does not sound all that exciting, I know. Strong uptrends are great, and strong downtrends are great. Choppy lateral moves can chew you up, but there is a good rotational range. This is a good move, and with these kinds of sine waves, we should be able to make a good amount of money just playing the middle moves up and down in these ranges. That is in addition to playing the leadership stocks that are in good patterns and not in ranges that are just steadily trending to the upside. Have an excellent weekend, and we will try to do the same. We have had issues here, but things are really looking good on the medical front. I am very pleased, so I am looking forward to getting a little more sleep this weekend. Then I will not sound like I am out from left field all of the time. Have a great weekend. Enjoy what you have and who you have because life is pretty short.
Support and Resistance
NASDAQ: Closed at 2217.42
Resistance: 2245 from July 2008 through 2260 from late 2005. The 200 day SMA at 2252 2275 - 2278 from the February 2008 and April 2008 lows 2273 to 2282 marks bottom of January 2010 lateral peak 2292 is a low from January 2008 The 50 day EMA at 2297 2319 from the September 2008 peak 2320 to 2326.28 is the January 2010 high 2324-2370 is a range of resistance from early 2008 2382-2395 from 2008 2412-2415 represents a series of peaks and lows in 2007, 2008 2434 is the May 2010 high 2453 is the August 2008 peak
Support: 2205 is the November 2009 peak 2210 (from September 2008) to 2212 (the July 2009 closing low) 2185 to 2195 represent support points for years: December 2004 peak, July to October 2005 consolidation, January, March and July 2008 lows, and October 2009 peak. 2177 is a low from March 2008 2169 is the March 2008 closing low (double bottom) 2168 is the September 2009, intraday peak 2167 from the July 2008 intraday low 2155 is the March 2008 intraday low 2100 is the February 2010 low
S&P 500: Closed at 1076.76 Resistance: 1078 is the October range low 1084 to 1080 (September 2009 peak) 1101 is the October 2009 high 1106 is the September 2008 low The 200 day SMA at 1112 1114 is the November 2009 peak The 50 day EMA at 1114 1119 is the early December intraday high Bottom of the January 2010 consolidation 1131 to 1136 1133 from a September 2008 intraday low 1151 is the January 2010 peak 1156 is the Sept 2008 low 1170 is the prior March 2010 high 1174 is the May 2010 high 1181 is the April selloff low 1185 from late September 2008
Support: 1070 is the late September 2009 peak 1044 is the October 2008 intraday high AND the February 2010 low 1040 is the May 2010 low 1020 is the bottom of the late summer 2009 consolidation 946 from June 2009
Dow: Closed at 10,143.81 Resistance: 10,285 is the late December consolidation peak The 200 day SMA at 10,356 10,365 is the late September 2008 low The 50 day EMA at 10,404 10,496 is the November 2009 high 10,609 from the Mid-September 2008 interim low 10,730 is the January 2010 peak 10,920 is the recent May high 10,963 is the July 2008 low 11,100 from the 7-08 low 11,205 is the April closing high 11,734 from 11-98 peak
Support: 10,120 is the October 2009 peak 9829 is the September 2008 closing high 9918 is the September 2008 peak 9855 is the early September peak in its lateral range 9835 is the late September 2009 peak AND the February 2010 low 9774 is the May 2010 intraday low
Economic Calendar
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
June 22 - Tuesday - Existing Home Sales, May (10:00): 5.66M actual versus 6.10M expected, 5.79M prior (revised from 5.77M) - FHFA Housing Price I, April (10:00): 0.8% actual versus 0.1% prior (revised from 0.3%)
June 23 - Wednesday - New Home Sales, May (10:00): 300K actual versus 430K expected, 446K prior (revised from 504K) - Crude Inventories, 06/19 (10:30): 2.02M actual versus 1.69M prior - FOMC Rate Decision, June 23 (14:15): 0.25% actual versus 0.25% expected, 0.25% prior
June 24 - Thursday - Durable Orders, May (08:30): -1.1% actual versus -1.3% expected, 3.0% prior (revised from 2.9%) - Durable Orders ex Tr, May (08:30): 0.9% actual versus 1.3% expected, -0.8% prior (revised from -1.0%) - Initial Claims, 06/19 (08:30): 457K actual versus 460K expected, 476K prior (revised from 472K) - Continuing Claims, 06/12 (08:30): 4548K actual versus 4580K expected, 4593K prior (revised from 4571K)
June 25 - Friday - GDP - Third Estimate, Q1 (08:30): 2.7% actual versus 3.0% expected, 3.0% prior - GDP Deflator, Q1 (08:30): 1.1% actual versus 1.0% expected, 1.0% prior - U Michigan Sentiment, June (09:55): 76.0 actual versus 75.5 expected, 75.5 prior
June 28 - Monday - Personal Income, May (08:30): 0.5% expected, 0.4% prior - Personal Spending, May (08:30): 0.1% expected, 0.0% prior - PCE Prices, May (08:30): 0.1% expected, 0.1% prior
June 29 - Tuesday - Case-Shiller 20-city, April (09:00): 3.4% expected, 2.3% prior - Consumer Confidence, June (10:00): 62.0 expected, 63.3 prior
June 30 - Wednesday - ADP Employment Chang, June (08:15): 61K expected, 55K prior - Chicago PMI, June (09:45): 59.0 expected, 59.7 prior - Crude Inventories, 06/26 (10:30): 2.02M prior
July 01 - Thursday - Continuing Claims, 06/19 (08:30): 4510K expected, 4548K prior - Initial Claims, 06/26 (08:30): 458K expected, 457K prior - Construction Spending, May (10:00): -0.9% expected, 2.7% prior - ISM Index, June (10:00): 59.0 expected, 59.7 prior - Pending Home Sales, May (10:00): -10.5% expected, 6.0% prior - Auto Sales, June (14:00): 4.0M expected, 3.9M prior - Truck Sales, June (14:00): 5.1M expected, 5.2M prior
July 02 - Friday - Nonfarm Payrolls, June (08:30): -100K expected, 431K prior - Unemployment Rate, June (08:30): 9.8% expected, 9.7% prior - Hourly Earnings, June (08:30): 0.1% expected, 0.3% prior - Average Workweek, June (08:30): 34.2 expected, 34.2 prior - Factory Orders, May (10:00): -0.7% expected, 1.2% prior
Market Data 
Markets 
AI
