The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq traded relatively flat last week, remaining within 1% of a
new high and above near-term support along the 21-DMA (S&P 500: 4,358; Nasdaq: 14,597). The longer-term lower end of support
remains the rising 50-DMA (S&P 500: 4,284; Nasdaq: 14,262) on both indices. Upside resistance is still along the rising upper channel
lines, which are above 4,500 on the S&P 500 and above 15,300 on the Nasdaq. The distribution day count stands at six and three,
respectively, with no expiries this week
Author: admin
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
{Continental (CONX.DE; CON:GR), Flughafen Zurich (FHZN.CH; FHZN:SW), and Koninklijke Vopak (VPK.NL; VPK:NA)}.
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to trade at or near all-time highs and above all
major moving averages, including near-term support along their respective 21-DMA. The distribution day count stands at five and three,
respectively.
Amazon
O’Neil Methodology
• The stock declined 7.5% in aftermarket trading after posting weak Q2
results. As per the aftermarket price, the stock is expected to open
below its 50- and 100-DMA, with support at the 200-DMA, 2% away.
• Fundamental ratings are very strong based on 27% sales CAGR and 67%
EPS CAGR in the last three years. EPS Rank 97, top Composite Rating of
77, and SMR Rating of A.
• Technical ratings will suffer, given a sharp decline in the stock in
aftermarket hours. Current RS Rating of 47 is weak and indicates
underperformance relative to the index. An A/D Rating of D+ and
Up/Down Volume ratio of 1.1 indicate selling pressure.
Won Europe Today
Yesterday,
- European markets had a strong day with almost all the indices closing in positive territory. However, we continue to
remain cautious and advise investors to book profits in extended names. - The Stoxx 600 gained more than 0.6% on high volume. The index continues to hold its 21-DMA and is in a
Confirmed Uptrend. It is repeatedly testing resistance along 460 price levels. Most sectors closed in positive
territory with Technology shares gaining more than 2%. - Among other major indices, France’s CAC 40 continues to rise after finding support at its 50-DMA. Germany’s DAX
30 managed to close just above its 50-DMA on high volume. Both France’s CAC 40 and Germany’s DAX 30 are in
an Uptrend Under Pressure. - The U.K.’s FTSE 100 continues to trade below its 50-DMA. Its 21-DMA has clearly broken below the 50-DMA,
indicating a bearish sentiment. - Among the 17 indices that we track in Europe, Finland, Norway, and Luxembourg closed in negative territory with
Norway recording its sixth distribution day. - Actionable names in the Focus List include Soitec (SOI.FR; SOI:FP), Zooplus (ZO1X.DE; ZO1:GR), Halma
(HLMA.GB; HLMA:LN), and Teleperformance (ROFR.FR; TEP:FP).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 is consolidating above support at its rising 10-DMA (4,377), while the
Nasdaq bounced higher off support at its 21-DMA (14,619). The distribution day count remains at five and three, respectively.
Won Europe Today
Yesterday,
- European markets had a weak day with most of the major indices testing key support levels. Volumes were lower
while the distribution day count remains on the higher side. We advise investors to remain cautious and book
profits in extended names. - The Stoxx 600 lost half a percent and is testing its 21-DMA. The index remains in a Confirmed Uptrend with eight
distribution days. Most sectors closed in negative territory, with Technology stocks leading the losses. - Among other major indices, France’s CAC 40 is testing its 50-DMA while Germany’s DAX 30 breached below its
50-DMA.Its 21-DMA is set to break below its 50-DMA, indicating near-term weakness. Both CAC 40 and DAX 30
recorded their ninth and sixth distribution day, respectively. - The UK’s FTSE 100 continues to trade below its 50-DMA and is in an Uptrend Under Pressure.
- Among the 17 indices we track in Europe, only Ireland and Luxembourg closed in positive territory. Six of the indices
recorded distribution days, taking the average distribution day count to 6.6. - Actionable names in the Focus List include Soitec (SOI.FR; SOI:FP), Zooplus (ZO1X.DE; ZO1:GR), Halma
(HLMA.GB; HLMA:LN), and Teleperformance (ROFR.FR; TEP:FP).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 pulled back to 10-DMA support in higher volume before closing off lows
and remaining within 1% of highs. The Nasdaq pulled back sharply to 21-DMA support in lower volume before also closing off intraday
lows. Both indices are holding trend with support below the 21-DMA still along the rising 50-DMA. The distribution day count stands at five
and three, respectively, with no expiration for two weeks.
Won Europe Today
We released our Weekly European Summary yesterday (please click here to access the report). Key points include:
- The Stoxx 600 gained 143bps last week and was shifted back to a Confirmed Uptrend after the index reclaimed its
prior rally high. Of the 17 indices we cover, seven are in a Confirmed Uptrend and 10 in an Uptrend Under
Pressure. - All sectors, except for Consumer Staple, closed in positive. Sectors like Capital Equipment, Retail, Consumer
Cyclical, and Financial gained the most. Our rotation chart continues to highlight improving short-term momentum
among Health Care and Technology, while deteriorating among Utility, Finance, Basic Material, and Energy sectors. - Focus List update: We removed Barco (BAR.BE; BAR:BB), Terna Energy (TEN.GR; TENERGY:GA), and Fevertree
Drinks (FEVR.GB; FEVR:LN) from the European Focus List.
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are holding last week’s strong gains and consolidating at
all-time highs. Support is at the rising 10- and 21-DMA (S&P 500: 4,341; Nasdaq: 14,591). The distribution day count stands at four and
three, respectively.
