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Won Europe Today

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Yesterday,

  • European markets closed in the green as investors reacted to corporate earnings results. We remain bullish on the
    markets and are open to adding risk coming out of proper bases.
  • The Stoxx 600 closed in the green, up 0.22% on higher volume. The index is trading near its all-time high. On the
    sectoral front, Media shares gained 1.2%, while Technology shares were down 1.3%.
  • Major indices like France’s CAC, Germany’s DAX, and the U.K.’s FTSE 100 closed in the green on higher volume.
    All the three indices are trading above their key moving averages.
  • The majority of the 17 indices we cover closed in the green, with the U.K. and Spain being the major gainers, while
    Denmark lost the most. Average distribution day count stands at 2.53 days.
  • Actionable names in the Focus List include Partners Group Holding (PGHN.CH; PGHN:SW), Watches of
    Switzerland Group (WOSG.GB; WOSG:LN), Nibe Industrier (NIBE.SE; NIBEB:SS), 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

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq sold off and closed near session lows. The S&P 500 is
testing support at its 10-DMA (4,545), while the Nasdaq pierced through its 10-DMA (15,696). The next level of support for both indices is
the rising 21-DMA (S&P 500: 4,577; Nasdaq: 15,379), which is ~1% below the current price. Distribution increased to three days on the
S&P 500 and remains at one on the Nasdaq.

O’Neil Capital Equipment Sector Weekly

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ExlService (EXLS) – $5B market cap; $22M ADV: We reiterate our buy recommendation on ExlService Holdings. Investors should add to positions as the stock has bounced off its 50-DMA, hitting an all-time high after the company reported strong Q3 results. We remain buyers of ExlService stock, given its stable and recurring business model, strong growth in the analytics segment, and its sound financial position.

Won Europe Today

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Yesterday,

  • European markets closed in the red as investors digested U.S. inflation data. We remain bullish on the markets and are open to adding risk coming out of proper bases.
  • The Stoxx 600 closed in the red, down 0.19% on higher volume. The index is trading near its all-time high. On the sectoral front, Retail stocks gained 1.1% while Basic Resources stocks closed in the red.
  • Major indices like France’s CAC, Germany’s DAX, and the U.K.’s FTSE 100 closed in the red on higher volume. All the three indices are trading above their key moving averages.
  • The majority of the 17 indices we cover closed in the red, with the U.K., Austria, Ireland, the Netherlands, and
    Norway recording one distribution day each, taking the total count to 3.33 days.
  • Actionable names in the Focus List include Partners Group Holding (PGHN.CH; PGHN:SW), Watches of
    Switzerland Group (WOSG.GB; WOSG:LN), Nibe Industrier (NIBE.SE; NIBEB:SS), Rentokil Initial (RTO.GB;
    RTO:LN), Coface (COFA.FR; COFA:FP), EQT (EQT.SE; EQT:SS), Vitrolife (VITR.SE; VITR:SS), and Puma
    (PUMX.DE; PUM:GR).

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back off highs but are still holding above near-term support at the sharply rising 10- and 21-DMA. The distribution day count remains low at two and one, respectively.

Won Europe Today

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We released our European Weekly Summary yesterday. Click here to access the report. Key points from it include:

  • The iShares Dj Stoxx 600 rose 1.97% and gained for the fifth consecutive week, its longest streak since mid-April,
    supported by strong earnings results. The index is in a Confirmed Uptrend with one distribution day.
  • Among the 17 indices we cover, 11 are in a Confirmed Uptrend, one in a Rally Attempt (Germany), and five in an
    Uptrend Under Pressure. Average distribution in the region has been at a low of 3.1 days over the past five weeks.
  • Our rotation chart shows the short-term momentum of Cyclical stocks start to rise while momentum among
    leading Energy stocks over the past 26 weeks has softened.
  • The number of breakouts in the region has hit a new high. Among sectors, Technology and Financials show many
    actionable ideas. Refer to page 17 and 20 for the full list.
  • Last week, Finecobank (FCBK.IT; FBK:IM) and Watch of Switzerland (WOSG.GB; WOSG:LN) were added to the
    European Focus List. Darktrace (DARK.GB; DARK:LN) was removed from the list. Refer to page 3 for actionable
    names from the European Focus List.

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq closed slightly higher and remain at all-time highs. Indices
are extended in the short term, given strong gains over the last five weeks, and trading 1–2% above support at their rising 10-DMA (S&P
500: 4,636; Nasdaq: 15,678). The distribution day count is low, standing at two and one, respectively.

Won Europe Today

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On Friday,

  • European markets continued to trade constructively along their rising 10-DMA. We remain bullish on the markets and are open to adding risk coming out of proper bases.
  • The Stoxx 600 had a flat session with most sectors ending in negative. France’s CAC is making new highs and
    Germany’s DAX was able to close above August highs and is awaiting a follow through day. The U.K.’s FTSE 100 continues to find resistance along 7,300 price levels.
  • Among the 17 indices that we track in Europe, eight closed in the red with Ireland recording its sixth distribution day. Actionable names in the Focus List include Watches of Switzerland Group (WOSG.GB; WOSG:LN), Nibe Industrier (NIBE.SE; NIBEB:SS), Infineon Technologies (IFXX.DE; IFX:GR), Rentokil Initial (RTO.GB; RTO:LN), Coface (COFA.FR; COFA:FP), EQT (EQT.SE; EQT:SS), Dassault Systèmes (DSY.FR; DSY:FP), Vitrolife (VITR.SE; VITR:SS), and Puma (PUMX.DE; PUM:GR).

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to set new all-time highs after a week of broad-based accumulation. Indices are 1–2% above the first level of support at their rapidly rising 10-DMA (S&P 500: 4,622; Nasdaq: 15,606). The distribution day count has fallen to just two and one, respectively.

Won Europe Today

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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
(Signify (LIGH.NL; LIGHT:NA), Tate & Lyle (TATE.GB; TATE:LN), Fresenius (FREX.DE; FRED:IX), and Royal Mail
(RMG.GB; RMG:LN).