The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to consolidate near all-time highs with support
at the rising 10- and 21-DMA. The distribution day count increased to three on the S&P 500 and remains at one on the Nasdaq.
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Won Europe Today
We released our European Weekly Summary yesterday, click here to access the report. Key points from it include:
- Of the 17 indices we cover, 10 are in a Confirmed Uptrend, one in a Rally Attempt (Germany), and six in an Uptrend
Under Pressure. The average distribution count is at a low of 2.6 days. - Over the past month, rotation has turned in favor of growth sectors, including Technology and Consumer Cyclical.
- We added Sika (SIKA.CH; SIKA:SW) and Richemont (CFR.CH; CFR:SW) to our European Focus List.
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq moved back toward all-time highs, continuing to hold trend
and remaining above 10- and 21-DMA support. The distribution day count remains low at two and one, respectively.
Won Europe Today
Yesterday,
- European markets ended flat. All the major indices are either in a Confirmed Uptrend or trading their rally highs with
low distribution day count. We remain constructive on markets and are open to adding risk coming out of proper
bases. - The Stoxx 600, Germany’s DAX, and France’s CAC continues to make new highs along its rising 10-DMA. The
U.K.’s FTSE 100 continues to find resistance along 7,400 price levels. Among sectors, Retail and Utilities stocks
led the bulls while Basic Resources lost more than 1%. - Among the 17 indices that we track in Europe, Austria, Belgium, Denmark, Ireland, and Luxembourg closed in
negative territory. Luxembourg breached its 50-DMA and is downgraded to an Uptrend Under Pressure. - Focus List stock Yougov (YOU.GB; YOU:LN) has turned actionable after breaking out of a stage-three cup base.
Other actionable names in the Focus List include Sika (SIKA.CH; SIKA:SW), Partners Group Holding (PGHN.CH;
PGHN:SW), Rentokil Initial (RTO.GB; RTO:LN), Coface (COFA.FR; COFA:FP), Beneteau (CHBE.FR; BEN:FP),
Vitrolife (VITR.SE; VITR:SS), and Puma (PUMX.DE; PUM:GR).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are consolidating below all-time highs but above support
at its 10-DMA (S&P 500: 4,657; Nasdaq: 15,743). The distribution day count stands at two on the S&P 500 and one on the Nasdaq.
O’Neil Capital Equipment Sector Weekly
Interpump Group (IP.IT) : We reiterated our buy call on Interpump Group as the stock is finding support along its 50-DMA. It had gained more than 12% after breaking out from a stage-three seven-week cup base on the back of in-line Q3 results. The company operates in highly fragmented niche markets. It is expected to benefit from the recovery in demand in the hydraulics and water-jetting segments to pre-COVID-19 levels and its active M&A strategy targeting the expansion of its product basket and TAM. Fundamental & Technical note
Won Europe Today
On Friday,
- European markets ended the week on a strong note. Most major indices are in a Confirmed Uptrend with low
distribution day count. We remain constructive on the markets and recommend investors to add risk coming out of
proper bases. - The Stoxx 600 continues to climb along its rising 10-DMA. Most sectors closed in positive territory led by household
goods which gained almost 2%. Oil & Gas stocks lagged. - Among other major indices, France’s CAC continued to rise along its 10-DMA, Germany’s DAX continued to await a
follow-through day and is repeatedly testing resistance at 16,100 price levels. The U.K.’s FTSE is facing resistance
at 7,350 price levels. - Among the 17 indices that we track in Europe, seven closed in negative territory with Belgium and the U.K.
recording second and third distribution days, respectively. - Actionable names in the Focus List include Sika (SIKA.CH; SIKA:SW), Partners Group Holding (PGHN.CH;
PGHN:SW), Watches of Switzerland Group (WOSG.GB; WOSG:LN), Rentokil Initial (RTO.GB; RTO:LN), Coface
(COFA.FR; COFA:FP), Beneteau (CHBE.FR; BEN:FP), Vitrolife (VITR.SE; VITR:SS), and Puma (PUMX.DE;
PUM:GR).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq found support near their respective 10-DMA, eventually
closing ~1% off all-time highs last week. Support below this level remains the rising 21-DMA (S&P 500: 4,602; Nasdaq: 15,513). The
distribution day count remains low at three and one, respectively, with one expiring on the S&P 500 today.
Won Europe Today
We released our weekly Global Laggards Report yesterday (please click here to access the report). The stocks
highlighted in this report are laggards relative to their own domestic markets. We recommend that they be underweighted as they may be vulnerable to further downside risk and underperformance. European names highlighted this week include Beiersdorf (BEIX.DE; BEI:GR) and Vifor Pharma (VIFN.CH; VIFN:SW).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 closed relatively flat yesterday, holding just above its 10-DMA. Support below this level is the 21-DMA which is rising into 4,600. The Nasdaq regained its 10-DMA after finding support just above its 21-DMA (15,480) Wednesday. The distribution day count remains low at three and one, respectively.
