Industrials Led the Charge into the Close of Q-2

Industrials Led the Charge into the Close of Q-2

Industrials Led the Charge into the Close of Q-2

$DIA, $SPY, $QQQ, $VXX

Friday, US stocks closed up driven by increases in the industrial and consumer discretionary sectors, while European shares reversed earlier gains and turned lower.

Crude Oil continued to climb as concerns about an oversupply faded a bit and the US rig count went down.

The S&P 500 and DJIA rose in moderate trading leading up to the July 4 Holiday.

Meanwhile, Europe’s benchmark equity gauge added to its 4th straight weekly loss.

Bond yields continued to move higher as central bankers this week shifted toward a more Hawkish tone.

The US Dollar (.DXY) Index gained slightly.

That suggests some investors are growing concerned about the economy’s ability to withstand a tightening cycle even as data Friday showed US consumer spending rose in line with economists’ estimates in May.

Tech stocks were under pressure all of this week, while banks have been supported on the prospect for higher rates and big payouts.

On the Day

DJIA +62.60 at 21349.63, NAS Comp -3.93 at 6140.38, S&P 500 +3.71 at 2423.41

Volume: Trade on the NYSE came in at 952-1-M/shares exchanged

On the Week and the Quarter

 

  • The S&P 500 Index ended up 0.2%, following Thursday’s 0.9% decline. The gauge gained 2.6% in Q-2.
  • The DJIA rose 0.3% and ended the Quarter + 3.3%
  • The NAS retreated less than 0.1% on the week, and posted a 3.9% gainer for the Quarter.

On the Year

  • NAS Comp +14.1% YTD
  • S&P 500 +8.2% YTD
  • DJIA +8.0% YTD
  • Russell 2000 +4.3% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Bullish (0.39) Neutral (0.15) Bullish (0.48) Very Bullish (0.54)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Bullish (0.39) Neutral (0.16) Bullish (0.46) Very Bullish (0.54)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Neutral (0.12) Neutral (-0.00) Neutral (0.06) Bullish (0.31)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Bearish (-0.40) Very Bearish (-0.69) Neutral (-0.23) Bearish (-0.29)

Have a terrific weekend.

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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