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 they be underweighted as
they may be vulnerable to further downside risk and underperformance. European names highlighted this week include
Svenska Cellulosa Aktiebolaget Sca (SW@G.SE; SCAB:SS), IWG (IWG.GB; IWG:LN), and STMicroelectronics (STM.IT;
STM:IM).
Author: admin
Won Global View
The U.S. market has shifted back to a Confirmed Uptrend. The S&P 500 made a new all-time closing high, while the Nasdaq is now
trading ~1% off all-time high resistance at 14,211. Near-term support remains the 21- and 50-DMA, respectively. The distribution day count
remains at six and three, respectively, with two days expiring on the S&P 500 and one on the Nasdaq next week.
Won Europe Today
Yesterday,
- European markets were almost flat as investors await policy decision by European Central Bank and U.S. inflation.
- The Stoxx 600 is trading at an all-time high, along its rising short-term moving averages. On the sectoral front,
gains were led by Health Care stocks. Sectors like Auto and Bank ended in negative territory. The market is in a
Confirmed Uptrend with two distribution days. - Among other major indices, the U.K.’s FTSE recorded a distribution day, taking the count to four. Germany’s DAX is
finding support at its 10-DMA after declining for three consecutive sessions. France’s CAC outperformed, gaining
0.19% although on lower volume. - Eight markets ended in negative territory with Austria along with the U.K. recording a distribution day. Market status
remained unchanged for all the markets. - Actionable names in the Focus List include Lonza Group (LONN.CH; LONN:SW), Yougov (YOU.GB; YOU:LN),
Intesa Sanpaolo (ISP.IT; ISP:IM), Novo Nordisk (NON.DK; NOVOB:DC), Carl Zeiss Meditec (AFXX.DE; AFX:GR),
Cellnex Telecom (CLNX.ES; CLNX:SM), Trigano (TRI.FR; TRI:FP), AirBus (AIRS.FR; AIR:FP), Interroll (INRN.CH;
INRN:SW), and EQT (EQT.SE; EQT:SS).
Won Global View
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq pulled back slightly but managed to avoid
distribution. Support remains at the 21- and 50-DMA, respectively. The distribution day count stands at six and three, respectively, with two
days expiring on the S&P 500 and one on the Nasdaq next week.
Won Europe Today
Yesterday,
- European markets ended the session on a mixed note led by mixed economic data from the region. German
industrial production missed estimates, while the Eurozone GDP fell sequentially but was better than expectations. - The Stoxx 600 was up 0.10% and is trading at an all-time high. On the sectoral front, Travel stocks led the gains,
while auto shares fell 1%. - Major indices like France’s CAC and the U.K.’s FTSE 100 closed in the green. Germany’s DAX closed in the red
and recorded a distribution day, taking the total count to five. It has support at its 10-DMA. - Out of 17 indices, 10 closed in positive territory, with Luxembourg and Ireland gaining the most while Portugal was
the major decliner. Germany, Norway, and Portugal recorded a distribution day each. The average distribution day
count stands at 3.29. - Actionable names in the focus list include Lonza Group (LONN.CH; LONN:SW), Yougov (YOU.GB; YOU:LN) Barco
New (BAR.BE; BAR:BB), Intesa Sanpaolo (ISP.IT; ISP:IM), Novo Nordisk (NON.DK; NOVOB:DC), Carl Zeiss
Meditec (AFXX.DE; AFX:GR), Cellnex Telecom (CLNX.ES; CLNX:SM), Trigano (TRI.FR; TRI:FP), AirBus (AIRS.FR;
AIR:FP), Interroll (INRN.CH; INRN:SW), and EQT (EQT.SE; EQT:SS).
Won Global View
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq traded relatively flat for a second straight session,
with the Nasdaq inching toward all-time resistance of 14,211. Near-term support remains the 21- and 50-DMA, respectively. The
distribution day count stands at six and three, respectively, with two additional days expiring on the S&P 500 and one on the Nasdaq next
week.
Won Europe Today
We released our Weekly European Summary yesterday. Click here to access the report.
- European equities hit a new record high last week, led by continued optimism over global economic recovery. The
Stoxx 600 remains in a Confirmed Uptrend with three distribution days. The index is moving higher along its rising
50-DMA support in its upward trending channel that started in November 2020. - Of the 17 indices we cover, 14 indices are in a Confirmed Uptrend and three in an Uptrend Under Pressure. We
shifted Finland and the Netherlands to a Confirmed Uptrend. - Energy and Transportation stocks led the gains. Our rotation chart continues to show improving momentum (over
four weeks) of Utility, Health Care, Consumer Staple, and Retail. - Focus List Update: We added Airbus (AIRS.FR; AIR:FP), Interroll (INRN.CH; INRN:SW), and EQT (EQT.SE;
EQT:SS) to the European Focus List.
Won Global View
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq continue to consolidate and trade tight above
support at their respective 21- and 50-DMA. The distribution day count remains at seven and four on the S&P 500 and Nasdaq,
respectively. However, one day expires on each index after the close.
Won Europe Today
Friday,
- European markets ended higher following weak U.S. jobs report, pointing to lower chances of early policy
tightening. We continue to recommend a selective approach to increasing risk, focus on high relative strength
quality ideas ideally from leading sectors and industry groups, and avoid lagging ideas that are undergoing price
consolidation. - The Stoxx 600 rose 0.40% on lower volume and reached new highs. It is trading constructively along its 21-DMA.
The index is in a Confirmed Uptrend with three distribution days. On the sectoral front, gains were led by
Technology stocks. - Among other major indices, France’s CAC, Germany’s DAX, and the U.K.’s FTSE all ended higher, though on lower
volumes. - The Netherlands was upgraded to a Confirmed Uptrend after it reclaimed its prior high. All the indices, barring
Ireland, Spain, and Sweden, ended in the green. - Actionable names in the Focus List include EQT (EQT.SE; EQT:SS), Airbus (AIRS.FR; AIR:FP), Barco New
(BAR.BE; BAR:BB), Fevertree Drinks (FEVR.GB; FEVR:LN), Intesa Sanpaolo (ISP.IT; ISP:IM), Novo Nordisk
(NON.DK; NOVOB:DC), Carl Zeiss Meditec (AFXX.DE; AFX:GR), Cellnex Telecom (CLNX.ES; CLNX:SM), and
Trigano (TRI.FR; TRI:FP).
Won Global View
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq traded at the low end of a relatively tight range last
week before pushing back to the upper end of that range Friday. We will shift the market back to a Confirmed Uptrend should the S&P 500
clear back above all-time high resistance at 4,238 this week. Near-term support remains the 21- and 50-DMA, respectively. The
distribution day count stands at seven and four, respectively, with one day expiring on each this week.
