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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 (Rentokil Initial (RTO.GB; RTO:LN), Adidas (ADSX.DE; ADS:GR), 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 touched an all-time intra-day high before pulling back and closing
slightly higher on the session. The Nasdaq rallied 1.5% due to an over-sold rally in technology, however, resistance remains at the 50-
DMA (13,427), followed by ~13,600. The distribution day counts stand at five and six on the S&P 500 and Nasdaq, respectively, with one
day expiring on each index after the close.

Won Europe Today

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Yesterday,

  • European markets continued to trade constructively along their rising moving averages. We remain constructive on markets
    and are open to adding risk coming out of proper bases.
  • The Stoxx 600 is trading along its 10‐DMA and closed above its March 18 highs. The index is currently finding resistance at
    February 2020 highs. Among sectors, Auto stocks climbed more than 3%, while Banks gained more than 2.5%.
  • Among other major indices, France’s CAC is finding resistance at March 18 highs, Germany’s DAX continues to climb along
    its rising 10‐DMA, while the U.K.’s FTSE managed to regain its 10‐DMA. The U.K.’s FTSE continues to be in an Uptrend
    Under Pressure.
  • Among the 17 indices that we track, Norway was the only one to close in negative territory.
  • Actionable names in the Focus List include Interpump Group (IP.IT; IP:IM), Imcd Group (IMCD.NL; IMCD:NA), Sika (SIKA.CH;
    SIKA:SW), Teleperformance (ROFR.FR; TEP:FP), and Dsv Panalpina (DSV.DK; DSV:DC).

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 traded relatively flat for a second straight session, remaining near alltime highs and above its rising 50-DMA (3,881). The Nasdaq also traded relatively flat, remaining 8% off highs and slightly above 100-
DMA (12,926) support. This index has heavy resistance between its 50-DMA (~13,400) and ~13,600. The distribution day count stands at
six each, though two expire on the S&P 500 over the next two sessions and one expires on the Nasdaq tomorrow.

U.S. Economic Summary

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Q4 GDP expanded 4.3%:
The U.S. economy grew 4.3% in Q4, according to the final figures, 20bps above the second estimate and consensus.
For 2020, GDP shrank 3.5%, the most since 1946. The expansion for the quarter reflected positive contributions from
exports, nonresidential fixed investment, PCE, residential fixed investment, and private inventory investment.

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 is consolidating after Friday’s strong rally, while the Nasdaq has pulled
back albeit on lighter volume. The S&P 500 is holding gains near all-time highs and above 21-DMA support (3,905), however, the Nasdaq
is just 1% above support at its 100-DMA (12,906). Distribution day counts stand at six days on each index after one day expired due to
time on the Nasdaq.

Won Europe Today

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Yesterday, we published our Weekly European Summary, click here to access the report. Key points from the report include:

  • The Stoxx 600 remains in a Confirmed Uptrend with five distribution days (compared with seven at the start of the week) as
    two expired this week. Of the 17 indices that we cover, nine are in a Confirmed Uptrend and eight in an Uptrend Under
    Pressure.
  • While sector rotation continues to dominate in a choppy market, we maintain a view that the market is extended and poised
    for a consolidation where defensive sectors could resurface.
  • In fact, Staples are showing first signs of improving short‐term momentum. Stocks to watch: Nestle (NESN.CH; NESN:SW),
    Danone (BSN.FR; BN:FP), AAK (AAK.SE; AAK:SS), Emmi (EMMN.CH; EMMN:SW), and Aryzta (ARYN.CH; ARYN:SW).

Won Europe Today

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Friday,

  • European markets continued their upward trajectory after finding support at their respective 21‐DMA. We remain
    constructive on the markets and are open to adding risk coming out of proper bases.
  • The Stoxx 600 gained 0.9% and reclaimed its 10‐DMA. The index continues to find resistance along February 2020 price
    levels. A decisive break above this price range on strong volume will further reinforce the bullish momentum.
  • Most sectors closed in positive territory with mining stocks gaining more than 4%. Travel & Leisure stocks climbed more than
    1%, while banks posted about 1% gain.
  • Among other major indices, France’s CAC is finding supply at its 10‐DMA, while Germany’s DAX gapped up and found
    resistance at March 18 highs. The U.K.’s FTSE is finding support at its 21‐DMA.
  • All the 17 indices that we track closed in positive territory. The Netherlands was upgraded to a Confirmed Uptrend after it
    reclaimed its prior high. The average distribution day count remains at 5.2.

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq held support along their respective 50- and 100-DMA last
week. Despite a strong rally before the close Friday, the Nasdaq still faces multiple layers of resistance including the 50-DMA at ~13,400
before price resistance at ~13,600. The distribution day count remains elevated at six and seven, respectively, however, two expire on
each this week due to time.

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 Mmc Norilsk Nickel (MNOD.GB; MNOD:LN), Ferrovial (FERC.ES; FER:SM), Euronext (ENX.FR; ENX:FP), and
    Avast (AVST.GB; AVST:LN).