The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq ended the session on a strong note, holding near all-time highs and above their respective 10-DMA. The distribution day count declined by one due to expiration, and the count stands at five and four days, respectively, with another day expiring on each index after the close tomorrow.
Author: admin
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq broke into new all-time highs, potentially beginning a new trend higher with near-term support still along the rising 10-DMA. The distribution day count stands at six and five, respectively, with one day expiring on each at the close today and another on Friday.
Won Europe Today
Yesterday,
- European markets continued to move sideways as markets consolidate after a record monthly gains in November. We remain open to adding risk in quality names coming out of proper bases.
- The Stoxx 600 found support at its rising 10‐DMA after recording a distribution day on Monday. Most sectors closed in positive territory with Banks, Basic Materials, and Autos leading the gains. Banks climbed more than 3%.
- Among other major indices, France’s CAC and Germany’s DAX found support at their respective 10‐DMA after recording distribution days on Monday. The U.K.’s FTSE 100’s 50‐DMA is likely to cross above its 200‐DMA, indicating bullish momentum.
- Denmark, Switzerland, and Portugal closed in negative territory. Except Denmark, all other 17 indices that we track are in a Confirmed Uptrend.
- Among Focus List names, a couple of energy names have broken out. Solaria Energia (SEM.ES; SLR SM) broke out of a stage‐ two consolidation, while Scatec (SCAT.NO; SSO.NO) broke out of a stage‐one, six‐week‐long cup base.
Won Europe Today
Yesterday,
- European markets had a poor day yesterday, with all major indices recording distribution days. Overall, markets had a record run in November. We remain open to adding risk in quality names coming out of proper bases.
- The Stoxx 600 was down about 1% on high volume, thereby adding a distribution day. It closed below its rising 10‐DMA. The index is in a Confirmed Uptrend with one distribution day. Overall 17 of the 19 sectors closed in the red with Banks and Oil & Gas stocks losing about 3%. Utilities also lost more than 1%.
- Among other major indices, France’s CAC and Germany’s DAX are testing support at their respective 10 DMA after recording distribution days. FTSE 50‐DMA is almost at the same level as its 200‐DMA. A crossover of 50‐DMA over 200‐DMA indicates bullishness.
- Denmark was the only country to close in positive territory. Overall, 14 of the 17 indices that we track recorded distribution days.
- Actionable names in the Focus List include Ashtead Group (AHT.GB; AHT:LN), Kering (KER.FR; KER:FP), Nibe Industrier (NIBE.SE; NIBEB:SS), Trigano (TRI.FR;TRI:FP), and Partners Group Holding (PGHN.CH; PGHN:SW).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to trade constructively near or at all-time highs despite pulling back on the session. Although the S&P 500 picked up a distribution day, each index is holding above support at the rising 10-DMA (S&P 500: 3,597; Nasdaq: 11,994). The distribution day count stands at six and five on the S&P 500 and Nasdaq, respectively, with a day expiring on each index after the close on Wednesday and Friday.
Won Europe Today
Friday,
- European markets gained to post the best month on record on hopes of a COVID‐19 vaccine.
- The Stoxx 600 rose 0.40% on higher volume and continued to rise along its 10‐DMA. All the major sectors ended in the red, with Banks and Technology stocks leading gains.
- Germany’s DAX broke above its resistance of 13,300 as it gained 0.37% on higher volume. The U.K’s FTSE rose 0.07% and is finding resistance at 6,400, while France’s CAC outperformed gaining 0.56% on higher volume.
- Barring Luxembourg, all the indices ended in positive territory. Market status remained unchanged for all the markets.
- Actionable names in the Focus List include Ashtead Group (AHT.GB; AHT:LN), Kering (KER.FR; KER:FP), Nibe Industrier (NIBE.SE; NIBEB:SS), Trigano (TRI.FR;TRI:FP), and Partners Group Holding (PGHN.CH; PGHN:SW).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are trading at all-time highs. Support remains the rising 10- and 21-DMA (S&P 500: 3,546; Nasdaq: 11,791). Each index has six distribution days, however, three expire on each this week, including one today.
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are trading at all-time highs. Support remains the rising 10- and 21-DMA (S&P 500: 3,537; Nasdaq: 11,749). The distribution day count stands at six each, with multiple days expiring on each index next week.
Won Europe Today
Yesterday,
- European markets took a breather around 390 levels after a record rally that saw the Stoxx 600 gain about 13.7% from the start of November. The distribution day count remains low. We remain open to adding risk in quality names coming out of proper bases.
- The Stoxx 600 was down about 0.1%. It continues to trade above its rising 10‐DMA. The index looks extended from its 50‐ DMA and might be due for a short pullback. Among sectors, Autos were down 1.5%, while Banks also lost more than a percent. Travel & Leisure stocks gained about 0.6%.
- Among other major indices, France’s CAC looks a bit extended and price action suggests that it might be due for a pullback. Germany’s DAX continues to find resistance along 13,300, while the U.K.’s FTSE is finding support at 6,330.
- Denmark, Ireland, Norway, Sweden, Switzerland, and the Netherlands were the only countries to close in positive territory.
- Actionable names in the Focus List include ASML Holdings (ASML.NL; ASML:NA), Ashtead Group (AHT.GB; AHT:LN), Kering (KER.FR; KER:FP), Nibe Industrier (NIBE.SE; NIBEB:SS), Trigano (TRI.FR;TRI:FP), and Partners Group Holding (PGHN.CH; PGHN:SW).
Won Europe Today
Yesterday,
European markets closed flat to down yesterday on low volumes. We remain open to adding risk in quality names coming out of proper bases.
The Stoxx 600 closed flat and continued to trade along its rising 10-DMA. The index is 6.4% away from its 50-DMA, indicating that the market is a little extended and is due for a slight pullback. Among sectors, Oil & Gas stocks lost more than 1%, while Telecom gained more than a percent. Banks lost about half a percent.
Among other major indices, France’s CAC continued to rise along its 10-DMA, while Germany’s DAX is facing resistance at 13,330. A decisive breakout above this price zone on strong volume will re-enforce strength in the rally. The U.K.’s FTSE is facing resistance at 6,450.
France, Denmark, Ireland, Finland, Austria, Italy, Portugal, Spain, and Luxembourg closed in positive territory. Among the 17 indices that we track in Europe, 16 are in a Confirmed Uptrend and only Denmark is in an Uptrend Under Pressure.
Actionable names in the Focus List include ASML Holdings (ASML.NL; ASML:NA), Ashtead Group (AHT.GB; AHT:LN), Kering (KER.FR; KER:FP), Nibe Industrier (NIBE.SE; NIBEB:SS), Trigano (TRI.FR;TRI:FP), and Partners Group Holding (PGHN.CH; PGHN:SW).
