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Won Europe Today

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We released our Weekly European Summary yesterday, click here to access the report.
Key points include:

  • On Monday, the Stoxx 600 was moved to an Uptrend Under Pressure after the index breached its 50-DMA. Of the
    17 indices we cover, six are in a Confirmed Uptrend and 11 in an Uptrend Under Pressure. Distribution in the region
    increased to 7.8 on average versus 4, two weeks ago, and 2, three weeks ago. Investors should stay cautious as
    markets are breaking their key support levels with a rising distribution day count.
  • Our rotation chart continues to highlight improving momentum among Health Care, Staple, and Technology stocks.
    Utility, Finance, Basic Material, and Energy continue to show weakness over the short term and have been
    underperforming over the long term (26 weeks), whereas Retail and Consumer Staple stocks have been
    outperforming in the last 26 weeks and improving over the past four weeks.
  • European Focus List update: Alphawave Group (AWE.GB; AWE:LN) was added. Voltalia (VLTS.FR;
    VLTSA:FP), Terna (TEN.GR;TEN.GR), and Barco (BAR.BE; BAR:BB) were removed.
  • Stocks with RS line at new high within the list include: Straumann (STMN.CH; STMN:SW), Nordic Semiconductor
    (NOD.NO; NOD:NO), Eurofins Scientific (EUF.FR; ERF:FP), Imcd (IMCD.NL; IMCD:NA), Dechra Pharmaceuticals
    (DPH.GB; DPH:LN), Interpump (IP.IT; IP:IM), Dassault Systèmes (DSY.FR; DSY:FP), Carl ZeissMeditech
    (AFXX.DE; AFX:GR), Vitrolife (VITR.SE; VITR:SS), and Indutrade (INDT.SE; INDT:SS).

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq rallied strongly off 50-DMA support, retracing the entirety
of Monday’s decline. The distribution day count stands at six and five, respectively, with two days set to expire on both indices this week.

Won Europe Today

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Yesterday,

  • European markets fell sharply for a second consecutive session, breaching key support levels. Average distribution
    count advanced to 8.3 from 7.5 yesterday. We recommend a cautious approach while adding names and reducing
    exposure to stocks breaking below key support levels given the increase in distribution days.
  • The Stoxx 600 was downgraded to an Uptrend Under Pressure as it breached its 50-DMA on strong
    volume. Next level of support lies at its 200-DMA (+6.85% away). All the sectors slipped heavily with Travel &
    Leisure and Oil & Gas stocks being the worst decliners.
  • Among other major indices, France’s CAC and Germany’s DAX recorded a distribution day each, taking the count
    to nine and six, respectively, and are trading below the 50-DMA. The U.K.’s FTSE is also trading below its 50-DMA
    with nine distribution days.
  • Austria was downgraded to an Uptrend Under Pressure after the index lost more than 200bps on higher volume.
    Only Denmark, Finland, the Netherlands, Norway, Sweden, and Switzerland remain in a Confirmed Uptrend.
  • Among our Focus List stocks, Neste (NEST.FI; NESTE:FH) breached its 200-DMA on good volume. BHG Group
    (BHG.SE; BHG:SS) continues to remain under pressure and is trading below its key moving averages. Indutrade
    (INDT.SE; INDT:SS) is reaching new highs breaking out from a double-bottom base.
  • Actionable names in the Focus List include Alphawave IP Group (AWE.GB; AWE:LN), Soitec (SOI.FR; SOI:FP),
    Yougov (YOU.GB; YOU:LN), Halma (HLMA.GB; HLMA:LN), and Teleperformance (ROFR.FR; TEP:FP).

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq gapped down on rising volume through and farther below
their respective 21-DMA while closing near session lows. The S&P 500 is sitting a few points above support at its 50-DMA, while the
Nasdaq is 2% above this key moving average. Should the S&P 500 or Nasdaq close below its 50-DMA (S&P 500: 4,240; Nasdaq: 14,017),
we will shift the market status to an Uptrend Under Pressure. The distribution day count increased to six on each with one day expiring
after the close on the Nasdaq.

Won Europe Today

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Friday,

  • European markets ended in negative territory on concerns of Delta variant. We recommend a selective approach to
    increasing risk given the multitude of cross currents and elevated distribution day count of 7.5. Focus on quality
    ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks breaking
    below key support levels.
  • The Stoxx 600 recorded another distribution day, taking the count to eight. Currently, the index is in a Confirmed
    Uptrend with support at its 50-DMA. We may change the market status to an Uptrend Under Pressure if the index
    breaches 50-DMA support and adds further distribution days. Major sectors ended in the red, with Travel & Leisure
    (+0.36%) stocks rebounding while Banks, Auto, and Oil & Gas stocks lost more than 100bps each.
  • Among other major indices, France’s CAC breached its 50-DMA, taking the distribution day count to eight. The
    index is in an Uptrend Under Pressure with next level of support at its 200-DMA. Germany’s DAX too breached its
    50-DMA although on lower volume, thereby avoiding a distribution day. The U.K.’s FTSE is trading below its 50-DMA
    and did not record a distribution day.
  • Of the 17 indices we cover, eight, including the Stoxx 600, are in a Confirmed Uptrend, while the remaining nine are
    in an Uptrend Under Pressure.
  • Actionable names in the Focus List include Alphawave IP Group (AWE.GB; AWE:LN), Soitec (SOI.FR; SOI:FP),
    Paragon Banking Group (PAG.GB; PAG:LN), Yougov (YOU.GB; YOU:LN), AirBus (AIRS.FR; AIR:FP), Halma
    (HLMA.GB; HLMA:LN), GN Store Nord (GSN.DK; GN:DC), Schneider Electric (QT@F.FR; SU:FP), and
    Teleperformance (ROFR.FR; TEP:FP).

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back to their respective 21-DMA (S&P 500: 4,315;
Nasdaq: 14,450) to close the week, with the Nasdaq closing just under that level of near-term support. Should weakness persist, the next
level of support on both indices is the rising 50-DMA (S&P 500: 4,239; Nasdaq: 14,004), which may coincide with the prior breakout highs.
The distribution day count increased to five each; however, two are expiring on the S&P 500 and three on the Nasdaq this week.

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
Rheinmetall (RHMX.DE; RHM:GR), Christian Hansen (CHR.DK; CHR:DC), Standard Chartered (STAN.GB; STAN:LN),
Vifor Pharma (VIFN.CH; VIFN:SW), SSP Group (SSPG.GB; SSPG:LN), and Easyjet (EZJ.GB; EZJ:LN).

Won Global View

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he U.S. market remains in a Confirmed Uptrend. The S&P 500 pulled back to its 10-DMA in lower volume before closing mid-range on
the session. The Nasdaq caught support at its 21-DMA for the second time in six sessions, despite still closing in the lower half of the
trading range in higher volume. The next level of support below the 21-DMA is the rising 50-DMA, which may coincide with the prior
breakout highs. The distribution day count stands at four and five, respectively, though two are expiring on the S&P 500 and three on the
Nasdaq next week.

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 intraday highs and closed at or near
session lows for the second consecutive session. Indices are slightly above their respective 10-DMA followed by support at their rising 21-
DMA (S&P 500, 4,294; Nasdaq, 14,430). The distribution day count remains at four on each index.

Won Europe Today

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Yesterday,

  • European markets closed marginally in the red. The U.K. inflation rose more than expected and Fed Chairman
    Jerome Powell said that central bank would not be altering its easy monetary policy for sometime. We continue to
    monitor the rise in distribution day count. However, as markets are holding their key support levels, we recommend
    that investors remain open to adding risk in names coming out of proper bases.
  • The Stoxx 600 closed in the red on higher volume. It is in a Confirmed Uptrend with six distribution days and is
    trading above its key moving averages. On the sectoral front, Travel and Leisure stocks dropped 1% while Basic
    Resources gained 1%.
  • Major indices like France’s CAC and Germany’s DAX closed flat. While the U.K.’s FTSE 100 closed in the red and
    found support at its 50-DMA.
  • Of the 17 indices we cover, the majority closed in the red with Ireland and Portugal recording a distribution day
    each. We did not change the market status for any of the indices. The average distribution day count stands at
    5.88.
  • Actionable names in the Focus List include Alphawave IP Group (AWE.GB; AWE:LN), Sartorius (SRT3X.DE;
    SRT3:GR), Soitec (SOI.FR; SOI:FP), Zooplus (ZO1X.DE; ZO1:GR), Mips (MIPS.SE; MIPS:SS), Paragon Banking
    Group (PAG.GB; PAG:LN), Yougov (YOU.GB; YOU:LN), AirBus (AIRS.FR; AIR:FP), Halma (HLMA.GB; HLMA:LN),
    Interroll (INRN.CH; INRN:SW), Asml (ASML.NL; ASML:NA), GN Store Nord (GSN.DK; GN:DC), SchneiderElectric
    (QT@F.FR; SU:FP), and Teleperformance (ROFR.FR; TEP:FP).