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Won Europe Today

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Yesterday,

  • European markets declined and snapped their five-day gaining streak. Investors continue to weigh on the RussiaUkraine situation, high inflation, and the health of the economy. Surging energy prices also weighed on the market.
    We maintain a cautious view on the overall market and recommend a patient approach to adding risk. Continue to
    focus on ideas showing strong relative strength while reducing exposure to lagging ideas.
  • The Stoxx 600 ended in the red, declining 1.0% on below average volume. It faced resistance at its 50-DMA and
    declined. It is trading 2.8% below its 200-DMA and 8% off highs. Most sectors were in the red, with Banks closing
    2.1% lower, while Oil and Gas advanced 2.0% led by a surge in energy prices.
  • Among major indices, France’s CAC and Germany’s DAX are trading below their 200-DMA and above their 21-
    DMA. The U.K.’s FTSE found support at its 50-DMA and is trading above its key moving averages.
  • Among the 17 indices we cover, most closed in the red with Ireland declining the most, down 2.2%. One is in a
    Rally Attempt and the remaining 16 are in a Confirmed Uptrend. The average distribution day count stands at 0.9.
  • Actionable names in the Focus List include Vantage Towers (VTWRX.DE; VTWR:GR), Novo Nordisk (NON.DK;
    NOVOB:DC), AstraZeneca (AZN.GB; AZN:LN), Salmar (SALM.NO; SALM:NO), Aker Bp (AKEP.NO; AKRBP:NO),
    and Jeronimo Martins (JMT.PT; JMT:PL).

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 breached its 200-DMA (4,474) on lighter volume but remains above support at its 50-DMA (4,425). The Nasdaq retraced some of the prior session’s gains but held above support at its 50-DMA (13,810).

Won Europe Today

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Yesterday,

  • The majority of European markets closed in the green. Stocks have erased most losses led by Russia-Ukraine
    tensions, as investors assess the optimism around the situation and cheaper valuations. Financial sectors
    outperformed after the Fed’s commentary on aggressive rate hikes given the prevailing inflation. We maintain a
    cautious view on the overall market. We recommend a patient approach to adding risk and continue to focus on
    ideas showing strong relative strength while reducing exposure to lagging ideas.
  • The Stoxx 600 ended in the green, advancing 0.9% higher on below average volume. The index is trading 1.8%
    below its 200-DMA and 7% off highs. It closed 0.2% above its 50-DMA. Most sectors were in the green, with Banks
    closing 2.5% higher and Technology advancing 1.5%.
  • Among major indices, France’s CAC and Germany’s DAX are trading below their 200-DMA and above their 21-
    DMA. The U.K.’s FTSE 100 retook its 50-DMA and is trading above its key moving averages.
  • Among the 17 indices we cover, most closed in the green, with Portugal advancing the most, up 2.2%. One is in a
    Rally Attempt and the remaining 16 are in a Confirmed Uptrend. Currently, the average distribution day count stands
    at 0.43.
  • Actionable names in the Focus List include Vantage Towers (VTWRX.DE), Novo Nordisk (NON.DK; NOVOB:DC),
    AstraZeneca (AZN.GB; AZN:LN), and Salmar (SALM.NO; SALM:NO).

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 regained its 200-DMA yesterday, continuing to progress higher post last week’s follow-through. Resistance is now the 100-DMA (4,550), which is just below February highs of 4,595, while support is the 50- DMA (4,425). The Nasdaq regained its 50-DMA (13,831) yesterday, which will now act as near-term support, while resistance moves to February highs of 14,509 before the 200-DMA (14,721).

Won Global View

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The U.S. market is in a Confirmed Uptrend. Indices are consolidating along resistance after sharp gains last week. The S&P 500 closed relatively flat on the session and below its 200-DMA (4,471) but held support at its 50-DMA (4,428). The Nasdaq pulled back from its 50- DMA (13,847) with support at its rising 21-DMA (13,460). The Nasdaq avoided a distribution day after pulling back on lighter volume than the prior session as the distribution day count remains at zero on each index.

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 is in a Confirmed Uptrend. Last week, 11 indices in Europe, including the Stoxx 600, France,
    Germany, and the U.K., were shifted to a Confirmed Uptrend after a follow-through day. However, we recommend
    that investors remain patient in adding risk to the portfolio: volatility remains high and most stocks are a long way
    away from forming sustainable uptrend. The number of stocks breaking out of consolidation remains extremely low.
  • The move last week was broad-based but particularly strong among Rotation Chart-term momentum (over four
    weeks) improving in Basic Materials, Staple, and Health Care. Utility, Financial, and Retail show further weak shortterm momentum (over four weeks).
  • European Focus List Update:
    New additions last week: AstraZeneca (AZN.GB; AZN:LN) and Axfood (AXFO.SE; AXFO:SS).

U.S. Economic Summary

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Q4 GDP expanded 6.9%, the strongest expansion since Q4 2020: According to final estimates, the U.S. economy grew 6.9% in Q4, 20bps below market expectations and 10bps below the second estimates. The expansion in the quarter reflected the increased private inventory investment, exports, personal consumption expenditure (PCE), and non-residential fixed investment, which were partly offset by decreases in federal, state, and local government spending.

Won Global View

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The U.S. market is in a Confirmed Uptrend. The S&P 500 staged a day 15 follow-through Wednesday, and the Nasdaq staged a day four follow-through Friday. The S&P 500 rallied above 10-, 21-, and 50-DMA resistance which will all now act as near-term support going forward. The next level of resistance is the 200-DMA (4,470). The Nasdaq closed narrowly above its 50-DMA Friday after rallying over 8% on the week. Should a pullback occur, look for the index to hold support at the now rising 21-DMA (13,421).

Won Europe Today

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On Friday,

  • European markets closed higher on optimism around ceasefire talks between Russia and Ukraine. Fed Reserve’s
    positive commentary on the health of the economy also added to the support. We maintain a cautious view on the
    overall market as major indices are trading below their key moving averages. We recommend a patient approach to
    adding risk. Continue to focus on ideas showing strong relative strength while reducing exposure to lagging ideas.
  • The Stoxx 600 gained 0.9% on below average volume. It is trading 2.6% below its 200-DMA and 8% off highs. It has
    immediate resistance at its declining 50-DMA (0.8% above) and good support at ~$406 (10.6% below). Most
    sectors were in the green, with Technology closing 2.9% higher and Health Care advancing 1.0%.
  • Among major indices, France’s CAC and Germany’s DAX are trading below their 200-DMA and above their 21-
    DMA. The U.K.’s FTSE 100 is trading above its 21- and 200-DMA.
  • Among the 17 indices we cover, most closed in the green, with Ireland advancing the most, up 1.4%. One is in an
    Uptrend Under Pressure, one in a Rally Attempt, and the remaining 15 in a Confirmed Uptrend. European markets
    currently have an average distribution day count of 2.0.
  • Actionable names in the Focus List include Novo Nordisk (NON.DK; NOVOB:DC), Ipsos (IPS.FR; IPS:FP),
    Compass Group (CPG.GB; CPG:LN), Astrazeneca (AZN.GB; AZN:LN), Axfood (AXFO.SE; AXFO:SS), and Salmar
    (SALM.NO; SALM:NO).

Won Europe Today

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We released our Weekly Global Laggards Report today. 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 under weighted as they may be
vulnerable to further downside risk and underperformance. European names highlighted this week include Legx
Immobilien (Xet) (LEGX.DE; LEG:GR), Swedish Match (SWMA.SE; SWMA:SS), Unilever (Uk) (ULVR.GB; ULVR:LN),
Omv (OMV.AT; OMV:AV), ASX (ASX.AU; ASX:AU), and Ramsay Health Care (RHC.AU; RHC:AU).