US equities ended the week on a weak note, the SPX settling -11pts (0.2%) to 5702, although that still made for a net weekly gain of +76pts (1.4%).
sp’weekly1b
Summary
SPX: a second consecutive net weekly gain… having printed a new hist’ high of 5733. Weekly momentum ticked upward, and will be prone to turning positive as of next Monday’s open. However, if the SPX leans weak… another stall would bode bearish for early Oct’.
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Dear Subscriber
Some perspective…
With six trading days left of September/Q3, we’re net higher for the month by +54pts (1.0%) at 5702, having printed a new hist’ high of 5733. On any basis… its been a bullish month/quarter.
The m/t trend has to be seen as bullish unless a monthly settlement under the key 10MA (5261). Clearly, we ain’t settling under that this month.
Ohh, and yes… we now have two massive sell signals…
1. Rate cut one.
2. A sustained uninversion of the US 10yr/2yr spread.
It doesn’t mean equities can’t break a marginal new high (as was the case in Oct’2007), but it does mean we’re arguably at/near a m/t top.
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Miscell’ things
Special note (especially to you new people)…
I don’t expect you to agree with everything I post, especially in after hours. I’ve never been one to shy away from discussing contentious issues. What I do expect is that you question everything, whether its from CNN, FOX, Zerohedge.com or yours truly. If you can do that, you’ll be ahead of the curve.
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*I’ve not watched this yet, but it should interest some of you.
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Ms. Makori with guest Hanke.
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*I’ve only lightly checked this, but it might interest some of you.
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Dictator Zelensky is set to be kicked out of power… sooner or later. The only issue is whether he is allowed to live in exile.
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Ms. Cambone and the Dowd… definitely worth your time.
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The Celente, whom is perhaps only marginally less pessimistic than yours truly.
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The weekend
Two days to rest and recover. I’ve sideline entertainment via Bering Sea Gold, Mine Rescue, and maybe a movie.
Considering the high threat of WWIII, I’m trying to live each day as though it will be my last… and as Lester Burnham would note… one day that will be the case.
As ever, feel free to message me via X, Disqus or email.
Sincerely, have a restful weekend, and goodnight from London
yours… Philip
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The weekend post will appear Sat’ 12pm EDT @ https://tradingsunset.blogspot.com, and will detail six of the US equity indexes (weekly candle charts).
re: X… I should take it light, but as ever, if you’d me to highlight something, let me know!