Last week was filled with bullish developments, but on Friday the focus was bearish news in retail sales, so let's start there.
Retail sales was expected to be up +.1% but as shown by the chart, it came in with a surprising -.6%.
This is particularly noteworthy considering that next week is a big week for earnings from retail customers as shown by the table below.
As you’ll see below in the table below of these stocks analyzed with PRIME ratings the technical setups are not great.
In the table below I’ve highlighted the pockets of bullishness. As you can see they are hard to find. WMT has a bullish Real Motion divergence so the intermediate term condition would support a move higher if one can get started.
The media will focus on retail earnings but as you can see by the highlighting of the sectors table the bull market is broad and strong without any help from retail, semiconductors, and a despite a headwind from bonds!
The market continues to be fueled by improving expectations for future earnings as you can see by the chart below.
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