SPX Downtrend Should be Underway

The market started the week at SPX 2184. After a decline to SPX 2176 on Monday the market rallied to 2193. A pullback followed to SPX 2170 on Thursday, then a gap up opening on Friday, rally to 2188, selloff to 2160, then ended the week at 2169. For the week the SPX/DOW lost 0.75%, and the NDX/NAZ lost 0.40%. Economic reports for the week were mixed. On the downtick: existing home sales, Q2 GDP, consumer sentiment, and the Q3 GDP estimate. On the uptick: new home sales, the FHFA, durable goods orders, plus weekly jobless claims improved. Next week’s reports will be highlighted by monthly payrolls, ISM and the PCE. Best to your week!