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Won Europe Today

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Friday,

  • European markets closed in negative territory but recovered a bit from earlier losses as a stronger‐than‐expected U.S. jobs
    data boosted investors. We would still recommend investors to maintain a cautious approach and reduce risk in ideas that
    have broken below support levels.
  • The Stoxx 600 dropped 0.78% on higher volume and recorded a distribution day. Currently, the distribution day count
    stands at six. The index remains in an Uptrend Under Pressure and is finding support at its 50‐DMA. Travel & Leisure (‐3.9%)
    and Technology (‐1.82%) stocks led the decline, while Oil & Gas and Health Care ended in positive territory.
  • Among other major indices, France’s CAC found support at its 21‐DMA, while Germany’s DAX breached its 21‐DMA,
    recording a distribution day each. The U.K.’s FTSE continued to find support at its 50‐DMA.
  • The distribution day count increased to 5.5, which remains a concern. Norway outperformed gaining more than 150bps,
    while Portugal and Luxembourg ended in positive territory. France, Norway, Sweden, and Austria are the only markets in a
    Confirmed Uptrend, while others are in an Uptrend Under Pressure.
  • Among our Focus List names, Halma (HLMA.GB;HLMA:LN), Lonza Group (LONN.CH;LONN:SW), and Novo Nordisk
    (NON.DK;NOVOB:DC) are trading below their respective 200‐DMA.
  • Actionable names in the Focus List include Teleperformance (ROFR.FR;TEP:FP) as the stock is breaking out of its cup‐with‐
    handle base.

Won Global View

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The U.S. market is in a Downtrend. The S&P 500 added four distribution days over five sessions, resulting in its first break of the 50-
DMA since November. Despite a snapback rally on Friday, the index now faces multiple layers of resistance including its rolling 21-DMA
(3,855). Near-term support is now ~3,700, which may coincide with the rising 100-DMA. The support range below the 100-DMA is 3,500–
3,600, the top of the prior Q4 consolidation, which may coincide with the rising 200-DMA. The Nasdaq also broke its 50-DMA last week in
rising distribution. This index added back-to-back distribution days on Wednesday and Thursday, resulting in a 10% decline off highs to
near-term support at its 100-DMA (~12,600). Should this level break, the next level is ~12,000, which may coincide with the rising 200-
DMA.

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 {Pennon Group (PNN.GB;PNN:LN), Tag Immobilien (TEGX.DE;TEG:GR), Ubisoft Entertainment (UBI.FR;UBI:FP); Swedish
Match (SWMA.SE;SWMA:SS), Imperial Brands (IMB.GB;IMB:LN); Orpea (ORP.FR; ORPB:EB), Scout24 (G24X.DE;G24:GR), Aveva
Group (AVV.GB;AVV:LN), and Koninklijke Vopak (VPK.NL;VPK:NA)}.

Won Global View

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The U.S. market has been downgraded to a Downtrend. This is our first downgrade since February 24, 2020. The S&P 500 decisively
closed below its 50-DMA, adding its fourth distribution day in five sessions. It has now accumulated six distribution days in five weeks, not
including two stalling days. Near-term support is ~3,700, or the rising 100-DMA. The Nasdaq, after breaking its 50-DMA earlier in the
week, closed below near-term price support at 13,000. The index is now trading more than 10% off highs with six distribution days over
five weeks, not including one stalling day. Near-term support is yesterday’s lows along the 100-DMA at ~12,600. Should this level break,
the next level is ~12,000, which may coincide with the rising 200-DMA.

Won Global View

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The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq declined, closing at the lows for the second
consecutive session. The S&P 500 is testing its 50-DMA (3,817), while the Nasdaq pierced below this key moving average, with weak
price-support along ~13,000, followed by the rising 100-DMA (12,603). The distribution day count stands at five on each index after the
Nasdaq picked up a distribution day on Wednesday, however, one day on each index expired due to time.

Won Europe Today

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Yesterday,

  • European markets closed flat on higher volume. With many leading stocks breaking down below their key support levels, it
    might be the end of this countertrend rally and resumption of a downtrend. We advise investors to book profits in extended
    names.
  • The Stoxx 600 closed flat, managing to hold on to its 21‐DMA. Among sectors, Autos, Banks, and Travel & Leisure stocks
    gained more than 2%, while Utilities lost more than 2.5%.
  • Among other major indices, France’s CAC continues to trade above its 21‐DMA, finding resistance at January 2020 lows.
    Germany’s DAX is testing support at its 21‐DMA, while the U.K.’s FTSE reclaimed its 50‐DMA on higher volume.
  • Among the 17 indices that we track, Denmark, Finland, Norway, Switzerland, Italy, Portugal, Spain, and Luxembourg closed
    in negative territory, while five recorded distribution days.
  • Actionable names in the Focus List include Teleperformance (ROFR.FR; TEP:FP), Straumann Holding (STMN.CH; STMN:SW),
    Schneider Electric (QT@F.FR; SU:FP), and B&M European Value Retail (BME.GB; BME:LN).

Global Fashion Group

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O’Neil Methodology
• The stock gained more than 15% on 2.8x average volume and retook its
21-DMA. It is currently trading 9% above its 21-DMA and 20% above its
50-DMA.
• Traditional fundamental O’Neil Ratings are weak as GFG is in the growth
stage of its lifecycle. These metrics are expected to improve as the
company’s adjusted EBITDA turned profitable in 2020. EPS Rank of 28,
Composite Rating of 57, and SMR Rating of D.
• Strong and improving technical profile. RS Rating of 98 depicts
significant outperformance relative to the wider index, while an A/D
Rating of B indicates strong institutional demand for the stock.

Won Europe Today

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Yesterday,

  • European markets built on Monday’s gains. The Stoxx 600 managed to hold the support at its 50‐DMA despite closing in the
    lower half, while price‐volume action of leading stocks remains mixed. We continue to remain cautious and advise investors
    to book profits in extended names.
  • Among sectors, insurance stocks led the gains, climbing more than 1.5%, while Travel & Leisure stocks lost half a percent.
    Banks and autos advanced half a percent.
  • Among other major indices, France’s CAC and Germany’s DAX continued to climb along their respective 21‐DMA, albeit on
    low volumes. The U.K.’s FTSE continues to find resistance along its 50‐DMA.
  • Price action among the leading stocks remains mixed. Many leaders like (DLG.IT;DIG:IM) and (NIBE.SE;NIBEB:SS) have rallied
    back to their respective 21‐DMA on low volume. Some of them like (LONN.CH;LONN:SW) had downside reversal days, while
    some like (ROFR.FR;TEP:FP) and (COTN.CH;COTN:SW) continue to hold their key support levels.
  • Among the 17 indices that we track, Denmark, Italy, Portugal, Spain, Belgium, the Netherlands, and Luxembourg closed in
    negative territory. The average distribution day count stands at 5.6.
  • Actionable names in the Focus List include Teleperformance (ROFR.FR; TEP:FP), Straumann Holding (STMN.CH; STMN :SW),
    Schneider Electric (QT@F.FR; SU:FP), and B&M European Value Retail (BME.GB; BME:LN).

Won Global View

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The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq pulled back in mixed volume, consolidating
Monday’s gains but closing at the lows of the session. The S&P 500 added its third distribution day in four sessions, while the Nasdaq
avoided. Both remain above near-term support at the rising 50-DMA (S&P 500: 3,816; Nasdaq: 13,333). The distribution day count stands
at six and five, respectively, with one expiring on each at the close today.

MercadoLibre

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MercadoLibre hosts the largest online commerce and payments ecosystem in
Latin America. Its efforts are centered on enabling ecommerce and digital and
mobile payments on behalf of its customers by delivering a suite of technology
solutions across the complete value chain of commerce.