This week's update will look at:
- 6 Major Indices
- 9 Major Sectors
- YM, ES, NQ, TF & NKD
- Comparison of SPX, TNX, Oil, Gasoline, DJUSFD, XLF, GE, XHB, Lumber, Copper
6 Major Indices
As shown on the Weekly charts and the percentage gained/lost graph below of the Major Indices, the Russell 2000 gained the most, followed by the Dow Transports, Nasdaq 100, S&P 500, and Dow 30, while losses were made in the Dow Utilities this past week.
9 Major Sectors
As shown on the Weekly charts and the percentage gained/lost graph of the Major Sectors, the largest gains were made in Cyclicals, followed by Energy, Technology, Financials, Industrials, Health Care, Materials, and Consumer Staples, while there were losses in Utilities.
YM, ES, NQ, TF & NKD
I most recently discussed the price action from the November 2012 lows on these 5 E-mini Futures Indices in my last weekly market update.
You can see from the updated Weekly charts below that Small-caps (TF) and Technology (NQ) garnered the most support during the week to close just above the middle of their respective uptrending channels. The TF has made a new Daily swing high but will need to make a higher swing low to, potentially, re-establish its former uptrend on the daily timeframe...the one to watch for either continued leadership in a push higher, or for the onset of weakness to, potentially, drag the others lower.
I'd be looking for all of these indices to advance and hold above their mid-channel levels to signal that the bulls have control, once again, and are ready to take these markets higher...BUT I'd like to see any further advance beyond that level done so on higher volumes...otherwise, we may just be witnessing a "dead cat bounce" that has no sustainability. This week's advance occurred on greatly-reduced volumes, likely due to the July 3rd & 4th holiday closures.
As such, we may see this past week's lows tested, and possibly the prior week's lows, before a serious advance resumes.