Breadth divergence is a troubling sign for the stock market
MONDAY, JULY 25 8:30 am Chicago Fed national activity index June -0.19 — -0.19 TUESDAY, JULY 26 9 am S&P Case-Shiller national home price index (year-over-year) May 19.7% — 20.6% 10 am Consumer confidence index July 95.7 97.0 98.4 10 am New home sales (SAAR) June 590,000 660,000 642,000 WEDNESDAY, JULY 27 8:30 am Durable goods orders June 1.9% -0.4% 0.8% 8:30 am Core capital equipment orders June 0.5% — 0.5% 8:30 am Advance report on trade in goods June -$98.2 billion — -$104.0 billion 10 am Pending home sales index June -8.6% -1.0% 0.4% 2 pm Fed funds target rate — 1.5%-1.75% 2:30 pm Fed Chair Jerome Powell press conference THURSDAY, JULY 28 8:30 am Gross domestic product, first release (SAAR) Q2 0.3% -1.6% 8:30 am Final sales to domestic purchasers (SAAR) Q2 — 2.0% 8:30 am Initial jobless claims July 23 249,000 251,000 8:30 am Continuing jobless claims July 16 — 1.38 million FRIDAY, JULY 29 8:30 am PCE inflation index June — 0.6% 8:30 am Core PCE price index June 0.5% 0.3% 8:30 am PCE price index (year-over-year) June — 6.3% 8:30 am Core PCE price index (year-over-year) June 4.7% 4.7% 8:30 am Real disposable income June — -0.1% 8:30 am Real consumer spending June — -0.4% 8:30 am Nominal personal income June 0.5% 0.5% 8:30 am Nominal consumer spending June 0.9% 0.2% 8:30 am Employment cost index Q2 1.1% 1.4% 9:45 am Chicago PMI July 55.0 56.0 10 am UMich consumer sentiment index (final) July 51.1 51.1 10 am UMich 5-year inflation expectations (final) July — 2.8%

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