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Won Europe Today

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Yesterday,

  • European markets closed in the red due to rising COVID-19 cases in many countries as investors are closely
    looking at quarterly results in the region. We remain constructive on markets as long as they hold their 21-DMA
    support, but advise caution if that level is broken as there will be a risk of downgrading market status.
  • The Stoxx 600 lost 1.90% on higher volume and breached its 10-DMA, with next support at its 21-DMA. Travel and
    Bank stocks were the major losers even as all sectors closed in the red.
  • Major indices such as Germany’s DAX, France’s CAC, and the U.K.’s FTSE 100 closed in the red on higher volume
    and recorded a distribution day. All three indices remain in a Confirmed Uptrend.
  • All the 17 indices we track closed in the red on higher volume, with Spain, Italy, and Sweden losing the most. All the
    indices recorded a distribution day, except Ireland, taking the average distribution day count to 4.18.
  • 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

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back in below average volume for a second straight
session, however, the S&P 500 did add a fourth distribution day. This index is now sitting on its 10-DMA, which is ~1.6% above its rising
21-DMA (4,071). The Nasdaq is sitting just above its 21-DMA, which is ~2% above its rising 50-DMA (13,509). The distribution day count
stands at four each, with one day expiring on each at the close tomorrow.

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back on below average volume. Indices remain
extended in the short term after strong gains over the past four weeks. Support is at the 10-DMA (S&P 500: 4,124; Nasdaq: 13,845),
followed by the rapidly rising 21-DMA. The distribution day count stands at three and four, respectively, with one day expiring on each
index on Thursday after the close.

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 Stoxx 600 remains in a Confirmed Uptrend with three distribution days and continues to move higher, making
    record highs.
  • Of the 17 indices we cover, 15 are in a Confirmed Uptrend and two in an Uptrend Under Pressure. The average
    distribution day count remains low at 3.5 (compared with 4.1 last week). We remain constructive on the markets
    and are open to adding risk coming out of proper bases.
  • Health Care, the worst performing sector over 26 weeks, is showing the first signs of a short-term revival.

Won Europe Today

Posted on by admin

Yesterday,

  • European markets continued to trade along their respective 10-DMA. The distribution day count remains low. We
    remain constructive on markets and are open to adding risk coming out of proper bases.
  • The Stoxx 600 gained more than 0.8%, trading along its rising 10-DMA. The index remains in a Confirmed Uptrend
    with three distribution days. Almost all sectors closed in positive territory, with Auto stocks gaining more than 2%
    and Banks rising more than 1.5%.
  • Among other major indices, France’s CAC continued to rise along its 10-DMA, while Germany’s DAX broke above
    the consolidation along 15,250 price levels, reinforcing our bullish view. The U.K.’s FTSE 100 continued to rise after
    breaking out of a cup-with-handle base on decent volume.
  • All the 17 indices we track in Europe closed in positive territory. Denmark, Ireland, and Norway were upgraded to a
    Confirmed Uptrend after they reclaimed their prior rally highs.
  • 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), Trigano (TRI.FR; TRI: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) and Dassault Systèmes (DSY.FR; DSY:EN).

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 continues to make new all-time highs, now gaining 1% or more for four
straight weeks. The index is trading above its upper channel line and ~6% above its 50-DMA, the biggest extension since August 2020.
Though extended, there are no signs of technical weakness as the index remains above all major moving averages with low distribution.
The Nasdaq is testing all-time high resistance between current prices and 14,175. Look for the 10- and 21-DMA to act as near-term
support should indices pull back. The distribution day count stands at three and four, respectively, with no expiration 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
{Huhtamaki (HUIF.FI; HUH1V:FH), Valeo (FR.FR; FR:FP); and Ams (AMS.CH; AMS:SW)}.

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 made another new all-time high yesterday, narrowly overshooting its
upper channel line, while the Nasdaq is now trading less than 1% off all-time high (14,175) resistance. Should indices consolidate or pull
back in the coming days, look for the rising 10- or 21-DMA to act as support and for distribution to remain under control to stay
constructive. The distribution day count stands at three and four, respectively, with no expiration next week.

Won Europe Today

Posted on by admin

Yesterday,

  • European markets had a stalling session with most major markets giving up their highs and closing in the lower half of the
    bar. However, we remain constructive on the markets and are open to add risk coming out of proper bases with decisive
    breakouts.
  • The Stoxx 600 closed near its open, giving up its intraday highs. The index continued to trade along its rising 10‐DMA and is
    in a Confirmed Uptrend with four distribution days. Among sectors, Travel & Leisure and Bank stocks gained, while Utility
    and Auto stocks lagged.
  • Among other major indices, France’s CAC continues to rise along its 10‐DMA and looks extended, while Germany’s DAX
    found support at its 10‐DMA. The U.K.’s FTSE has bounced from its rising 10‐DMA.
  • Among the 17 indices that we track, those in Europe, Germany, Denmark, Ireland, Finland, Sweden, and Italy closed in
    negative territory with Denmark recording its third distribution day.
  • 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), Trigano (TRI.FR; TRI:FP), Straumann Holding
    (STMN.CH; STMN:SW), Eurofins Scientific (EUF.FR; ERF:FP), Gn Store Nord (GSN.DK; GN:DC) and Dassault Systèmes
    (DSY.FR; DSY:EN).