Shortened Holiday Week Ended Flat on Light Volume

Shortened Holiday Week Ended Flat on Light Volume

$DIA, $SPY, $QQQ, $RUTX, $VXX

Friday’s investor participation was below average, as just 578-M/shares changed hands on the NYSE floor.

The message from the White House: Fed Must Cut Rates Despite Strong Jobs Data 

Note: The solid report served as another reminder that the US economy continues holding up well against a backdrop of slowing activity elsewhere.

Reviewing the June Employment Situation Report:

  • June NFPss increased by 224,000 (consensus 160,000). Over the past 3 months, job gains have averaged 171,000 per month. May NFPs revised to 72,000 from 75,000
  • June private sector payrolls increased by 191,000 (consensus 147,000) while May private sector payrolls revised to 83,000 from 90,000
  • June unemployment rate was 3.7% (consensus 3.6%), Vs 3.6% in May
    • Persons unemployed for 27 weeks or more accounted for 23.7% of the unemployed Vs 22.4% in May
    • The U6 unemployment rate, which accounts for unemployed and underemployed workers, was 7.2%, Vs 7.1% in May
  • June average hourly earnings were up 0.2% (consensus +0.3%), after increasing an upwardly revised 0.3% (from 0.2%) in May
    • Over the last 12 months, average hourly earnings have risen 3.1%, Vs 3.2% for the 12 months ending in May
  • The average workweek in June was 34.4 hours (consensus 34.4), unchanged from May
    • Manufacturing workweek was up 0.1 hour to 40.7 hours
    • Factory overtime was unchanged at 3.4 hours The labor force participation rate was 62.9% in June Vs 62.8% in May

Friday, the major US stock market indexes finished at: DJIA -43.88 at 26922.12, NAS Comp -8.44 at 8161.79, S&P 500 -5.41 at 2990.41

Volume: Trade on the #NYSE came light in at 578-m/shares exchanged

  • NAS Comp +23.0% YTD
  • S&P 500 +19.3% YTD
  • Russell 2000 +16.8% YTD
  • DJIA +15.4% YTD

HeffX-LTN’s overall technical outlook for the major US stock market indexes for the week ended 5 July 2019 is Bullish, with Key indicators flashing Very Bullish.

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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