Throughout each week, I post threads on all the economic releases. Every weekend I compile that info into a market recap and outlook article.

It's a lot to sift through, so below is the highlight for each day! Yay statistics!

Outlook:

The market dived through the 50 day SMA support level this week. Next up is the 100 day SMA which also confluences with the 0.618 fib level when retracing from the high of January 2022 to the low of October 2022.

I think that level is the next target before the market starts to see a slow in selling.

Monday: There was no data today! It was a low volume day where losers beat winners 3-2 on the NYSE and NASDAQ. Mega caps had disproportionate gains $MGK while the equal weight S&P 500 closed flat $RSP

Tuesday: Total retails sales increased 0.7% MoM in July, beating expectations and the last reading. Discretionary spending on goods continues to be healthy, giving us a continued sign that the tight labor market keeps fending off the hard landing scenarios for the economy.

Wednesday: Total industrial production rose 1% MoM, beating an expected 0.3% rise. Production is down only 0.2% on a YoY basis. Capacity utilization rose to 79.3%, up from 78.6% last month but 0.4% below its long-run average. Most market groups recorded growth in July, showing a pickup in activity that fits with an economy in growth mode despite Fed rate hikes.

Thursday: Weekly initial jobless claims fell to 239k from 250k, and beating expectations of 240k. Continuing claims were slightly higher at 1.72M. Initial claims is a leading indicator and is moving at levels that indicate a tight labor market, which supports a soft landing narrative.

Friday: No economic data for the day! Evergrande, a Chinese property developer, filed for Chapter 15 bankruptcy and seemed to cause the early hours selling pressure. However, there was a quick move higher in the indices at the end of the day that put the Nasdaq in the green for the first time all day!

Of course, there is more to cover like the Fed minutes, treasury rates, housing starts, etc. So go check out the full recap and outlook article below!