The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq traded relatively flat, consolidating near all-time highs in
lower volume. Near-term support remains the rising 10- and 21-DMA. The distribution day count stands at three and four, respectively, with
one day expiring on the Nasdaq at the close today.
Author: admin
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 tacked on small gains and remains short-term extended above its 10-
DMA. The Nasdaq jumped 0.87% and is just below all-time high resistance of 14,175 with support at its rising 10-DMA (13,925). The
distribution day counts remain at four on each index, with one day expiring on each after the close.
Won Europe Today
Key points from the report:
- Last week, European equities had their first weekly decline in eight weeks. Despite the weakness and the addition
of one distribution day, the Stoxx 600 has been able to stay above its key short-term 10-DMA. It remains in a
Confirmed Uptrend with four distribution days. Of the 17 indices we cover, 15 are in a Confirmed Uptrend and two in
an Uptrend Under Pressure. The average distribution day count is at 3.94 compared with 3.44 last week. We
remain constructive on markets and are open to adding names coming out of proper bases on good volume. - Our rotation chart shows accelerating short-term (over four weeks) momentum among growth sectors.
Conversely, value sectors have lost momentum. The move is not so surprising; as mentioned three weeks ago in
our weekly report, the three-month and 12-month oscillation chart of MSCI value versus growth suggested that the
trade toward value that started last year was somewhat exhausted. This move translated into a great performance
of the O’Neil Focus List, which has regained 600bps since April 1. - Last week, we added three stocks to the List: Hermès (RMS.FR; RMS:FP), Keywords (KWS.GB; KWS:LN), and
Vitrolife (VITR.SE; VITR:SS). Other Actionable names in the Focus List include Ambu B (AMB.DK; AMBUB:DC),
Carl Zeiss Meditec (AFXX.DE; AFX:GR), Interpump Group (IP.IT; IP:IM), Schneider Electric (QT@F.FR; SU:FP),
Eurofins Scientific (EUF.FR; ERF:FP), Nibe Industrier (NIBE.SE; NIBEB:SS), Gn Store Nord (GSN.DK; GN:DC),
and Pandora (PND.DK; PNDORA:DC).
Won Europe Today
Friday,
- European markets closed slightly down on lower volume, with nine out of 17 indices ending in negative territory. None of the markets recorded any distribution day and there were no changes in market status. We recommend that investors add names coming out of proper bases on good volume.
- The Stoxx 600 found support at its 10-DMA and is in a Confirmed Uptrend with four distribution days. On the sectoral front, Health Care stocks led losses, while Banks, Auto, and Leisure stocks ended in the green.
- Among other major indices, the U.K.’s FTSE remained unchanged, while Germany’s DAX and France’s CAC ended in the red.
- We added Vitrolife (VITR.SE; VITR:SS) to our actionable list as the stock broke out of its cup base. Other
actionable names in the Focus List include Ambu B (AMB.DK; AMBUB:DC), Carl Zeiss Meditec (AFXX.DE; AFX:GR), Interpump Group (IP.IT; IP:IM), Schneider Electric (QT@F.FR; SU:FP), Eurofins Scientific (EUF.FR; ERF:FP), Nibe Industrier (NIBE.SE; NIBEB:SS), Gn Store Nord (GSN.DK; GN:DC), Pandora (PND.DK; PNDORA:DC), Hermès (RMS.FR; RMS:FP), and Keywords Studios (KWS.GB; KWS:LN).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq closed relatively flat last week after each held support
along short-term moving averages. The S&P 500 rallied off its 10-DMA Friday to close back at its upper channel line, while the Nasdaq
held its 21-DMA before moving back toward all-time high resistance of 14,175. The distribution day count stands at four each, with one
expiring on the S&P 500 and two on the Nasdaq this week.
Pool Corp
O’Neil Methodology
• The stock broke out of a stage-one, 15-week cup base and is currently in
an actionable range. Accumulate here. The stock broke out after the
company reported strong Q1 results. Immediate support at its 50-DMA,
18% away.
• Strong fundamental profile: EPS Rank 99, SMR Rating A, Composite
Rating 99.
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 Sbm Offshore (SBMO.NL; SBMO:NA).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq staged downside reversals, closing near the lows of the
session. Both indices continue to consolidate the prior four-week run, with the S&P 500 now sitting on its 10-DMA and the Nasdaq
narrowly holding above its 21-DMA. The distribution day count stands at four each, with one day expiring on the S&P 500 and two on the
Nasdaq next week.
Won Europe Today
Yesterday,
- European markets closed in the green on strong earnings updates. However, concerns about rising COVID-19
cases in many countries limited market gains. We remain constructive on markets as long as they hold their 21-
DMA and are open to adding risk coming out of proper bases on good volume. - The Stoxx 600 gained 0.65% on lower volume and is still trading below its 10-DMA with the next support level at its
21-DMA. Retail stocks (+1.8%) led the gains as most sectors closed in the green. - Major indices like Germany’s DAX, France’s CAC, and the U.K.’s FTSE 100 closed in the green, but on lower
volume. All three indices remain in a Confirmed Uptrend. - All the 17 indices we track closed in the green, except Norway, which was down 0.53% on higher volume and
recorded a distribution day. The average distribution day count stands at 4.25. - Actionable names in the Focus List include Ambu B (AMB.DK; AMBUB:DC), Carl Zeiss Meditec (AFXX.DE;
AFX:GR), Interpump Group (IP.IT; IP:IM), Schneider Electric (QT@F.FR; SU:FP), Boozt (BOZT.SE; BBOZT:SS),
Straumann Holding (STMN.CH; STMN:SW), Eurofins Scientific (EUF.FR; ERF:FP), Nibe Industrier (NIBE.SE;
NIBEB:SS), Gn Store Nord (GSN.DK; GN:DC), Pandora (PND.DK; PNDORA:DC), and Dassault Systèmes
(DSY.FR; DSY:EN).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq bounced higher after pulling back over the prior two
sessions. The S&P 500 held support at its 10-DMA (4,134) while the Nasdaq attempts to regain its 10-DMA and remains above rising
support at its 21-DMA (13,590). The distribution day count stands at four each, with one day expiring on each index after the close.
