Market Direction: BEARISH alert
issued 8/14/2019
What is the current stock market direction?
Vote BULLISH (Up) or BEARISH (Down) in the upper right side bar, the current stock market direction weekly closing numbers. Leave a comment. Now for the news…
The economy
The stock market finished little changed on Friday in a lackluster session before the holiday weekend. The S&P 500 (+0.1%) and Dow Jones Industrial Average (+0.2%) finished just above their flat lines, while the Nasdaq Composite (-0.1%) and Russell 2000 (-0.1%) finished slightly lower.
Stocks opened the session near their best levels of the day, supported by a reprieve in trade tensions and month-end rebalancing that tends to favor risk assets after four straight weekly declines -- that losing streak was snapped today. The early advance brought the S&P 500 within five points of its 50-day moving average (2945), but the market quickly retreated and wavered between small gains and losses for the rest of the session.
The market struggled to find direction amid missing leadership from some of its biggest technology names within the S&P 500 consumer discretionary (-0.6%), communication services (-0.1%), and information technology (unch) sectors. The materials (+0.7%), industrials (+0.4%), and financials (+0.4%) sectors did provide some support for the broader market.
Some negative considerations for the market included a stronger U.S. dollar that could pose a headwind for the earnings prospects of U.S. multinational companies; weaker oil prices ($55.06/bbl, -$1.61, -2.8%) that pressured oil-sensitive stocks; and a downward revision to consumer sentiment for August, reflecting a possible threat to discretionary spending amid the ongoing trade dispute.
In earnings news, shares of Ulta Beauty (ULTA 237.73, -99.72, -29.6%) tanked 30% after the company missed revenue estimates and lowered its full-year guidance. Workday (WDAY 177.28, -10.37, -5.5%) led the cloud software stocks lower despite positive results and upbeat guidance.
Notable standouts included Dell (DELL 51.53, +4.76, +10.2%) and Campbell Soup (CPB 45.00, +1.69, +3.9%) after both beat earnings expectations.
U.S. Treasuries finished slightly higher in a muted session. The 2-yr yield declined two basis points to 1.50%, and the 10-yr yield declined one basis point to 1.51%. The U.S. Dollar Index advanced 0.3% to 98.81.
Reviewing Friday's economic data, which included Personal Income and Spending for July, the PCE Price Index for July, the final University of Michigan Index of Consumer Sentiment for August, and the Chicago PMI for August:
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The market direction weekly closing numbers for the indexes this week compared to the initial BEARISH recommendation closing numbers:
Stock Market Closing Numbers
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compared to Recommendation Numbers
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8/14/2019
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8/30/2019
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Difference
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25,479.40
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26,403.28
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923.88
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7,773.94
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7,751.77
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188.94
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2,840.60
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2,926.46
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85.86
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