The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq posted significant losses in higher volume, closing at session
lows and adding a sixth distribution day each over the trailing five weeks. The S&P 500 is now sitting just above 21-DMA support (3,899),
while the Nasdaq closed back below its 50-DMA with the next level of support at ~13,000.
Author: admin
Won Europe Today
Yesterday,
- European markets closed lower as investors await new economic and interest rate forecasts release from the U.S. central
bank. Market is also looking forward to the policy statement from the Bank of England and the Bank of Japan, which are due
on Thursday and Friday, respectively. - The Stoxx 600 closed in negative territory on lower volume. The index was down 0.45%. Among sectors, Mining stocks were
the major losers, while Autos continued to outperform. - Among other major indices, France’s CAC and the U.K.’s FTSE 100 all closed in the red on lower volume. Germany’s DAX
closed in the green on higher volume, hitting a new all‐time high. - Of the 17 indices that we track, 14 closed in negative territory with Denmark, Norway, Sweden, Switzerland, Austria, and
Portugal recording distribution days. The average distribution day count now stands at 5.31. Germany, Belgium, and Italy
were the only indices to close in the green. - Actionable names in the Focus List include Flutter Entertainment (FLTR.GB; FLTR:LN), Sartorius (SRT3X.DE;
SRT3:GR), Interpump Group (IP.IT; IP:IM), Imcd Group (IMCD.NL; IMCD:NA), Trigano (TRI.FR; TRI:FP), Sika (SIKA.CH;
SIKA:SW), Schneider Electric (QT@F.FR; SU:FP), Teleperformance (ROFR.FR; TEP:FP), DeLonghi (DLG.IT; DLG:IM), and Dsv
Panalpina (DSV.DK; DSV:DC).
Won Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq staged upside reversals to end slightly positive on Wednesday.
The S&P 500 is at all-time highs with support at the rising 21-DMA (3,897). The Nasdaq closed just above its 21-DMA (13,339) and 50-
DMA (13,407), with the next level of resistance at ~13,600. The distribution day count stands at five each, with none expiring for the rest of
the week.
Won Europe Today
Yesterday,
- European markets closed in the green led by focus on economic recovery globally and the Federal Reserve meeting, brushing
off the concerns around suspension of AstraZeneca’s Covid vaccine by Germany, Spain, and France. We recommend that
investors add stocks breaking out from proper bases on good volume. - The Stoxx 600 closed in the green on higher volume. The index was up 0.88% and is moving higher along its rising 10‐DMA.
Among sectors, Autos outperformed while Oil and Gas stocks lagged. - Among other major indices, France’s CAC, Germany’s DAX, and the U.K.’s FTSE 100 all closed in the green on higher volume.
France’s CAC hit a new 52‐week high and is in Confirmed Uptrend along with Germany’s DAX. The U.K.’s FTSE 100 is in an
Uptrend Under Pressure with five distribution days. - Of the 17 indices that we track, 15 closed in the green with Luxembourg and Denmark gaining the most, while Norway
closed in the red and Belgium closed flat. The average distribution day count stands at 5.56. - Actionable names in the Focus List include Interpump Group (IP.IT; IP:IM), Trigano (TRI.FR; TRI:FP), Sika (SIKA.CH; SIKA:SW),
Schneider Electric (QT@F.FR; SU:FP), Teleperformance (ROFR.FR; TEP:FP), DeLonghi (DLG.IT; DLG:IM), and Dsv Panalpina
(DSV.DK; DSV:DC).
Won Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 closed relatively flat after pulling back off all-time highs earlier in the session.
Support remains at its rising 21-DMA (3,886). The Nasdaq also closed relatively flat, finding support at its 50-DMA (13,390), following a
reversal from highs mid-session. The Nasdaq faces heavy resistance at ~13,600. Given it was a de facto market upgrade Monday with the
S&P 500 making a new closing high rather than staging a follow-through day, distribution should again be counted over the trailing five
weeks. The count stands at five and six, respectively, with one day expiring on the Nasdaq tomorrow.
Won Europe Today
Yesterday, we published our Weekly European Summary, click here to access the report. Key points from the report:
- The Stoxx 600 was upgraded to a Confirmed Uptrend last week after it reclaimed its prior high. The index is now trading 3%
above its 50‐DMA and 11% from its 200‐DMA. - The majority of markets are now in a Confirmed Uptrend (11 of 17 indices we cover). We shifted Germany, Ireland, Finland,
Italy, and Spain to a Confirmed Uptrend after reaching new highs. The average number of distribution days is 5.56,
compared with 6.25 two weeks ago. We recommend that investors add stocks breaking out from proper bases on good
volume. - Over the past five days, we removed one stock from our Focus List: THG Group (THG.GB; THG:LN).
- Actionable names on the Focus List include Sika (SIKA.CH; SIKA:SW), Schneider Electric (QT@F.FR; SU:FP), Teleperformance
(ROFR.FR; TEP:FP), De Longhi (DLG.IT; DLG:IM), and Dsv Panalpina (DSV.DK; DSV:DC).
Won Global View
The U.S. market has been upgraded to a Confirmed Uptrend. The S&P 500 closed above the 3,950 level, which we have been flagging
as a trigger to mark an upgrade. Support on the S&P 500 is again the rising 10- and 21-DMA (3,885). The Nasdaq closed just above its
50-DMA (13,379), with support below that level at ~13,000 before the rising 100-DMA (~12,715). Though overhead in the Nasdaq remains,
other indices, including the S&P500, Dow, and the Russell 2000, are trading at all-time highs.
Won Europe Today
Friday,
- The Stoxx 600 closed in the red on lower volume after gaining for four straight days. The index is trading above all its key
moving averages and was up 0.26%. Gains were led by banks, while technology stocks lagged. For the week, the index
gained 3.4% on high volume and remains in a Confirmed Uptrend. We recommend that investors add stocks breaking out
from proper bases on good volume. - Among other major indices, France’s CAC closed in the green on lower volume and is trading at an all‐time high. Germany’s
DAX closed in the red on lower volume after gaining for four consecutive days and remains in a Confirmed Uptrend. The
U.K.’s FTSE 100 closed in the green on lower volume. - Of the 17 indices that we track, 11 are in a Confirmed Uptrend whereas six are in an Uptrend Under Pressure. We shifted
Luxembourg to a Confirmed Uptrend after it reached a new high. The average distribution day count stands at 5.56. - ROGActionable names in the Focus List include Sika (SIKA.CH; SIKA:SW), Schneider Electric (QT@F.FR; SU:FP), Teleperformance
(ROFR.FR; TEP:FP), DeLonghi (DLG.IT; DLG:IM), and Dsv Panalpina (DSV.DK; DSV:DC).
Won Global View
The U.S. market remains in a Rally Attempt. We will upgrade the market to a Confirmed Uptrend should either the S&P 500 close above
3,950 or the Nasdaq stage a follow-through day. Support on the S&P 500 is again the rising 10- and 21-DMA (3,873). The Nasdaq faces
resistance at its 50-DMA (13,367), with support at ~13,000 before the rising 100-DMA (~12,700). Though the Nasdaq is still trading 6% off
highs, multiple other indices are trading at all-time highs, including the Dow and the Russell 2000.
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