The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to pull back and broke below their respective 10-DMA. The next level of support is at the rising 50-DMA (S&P 500: 3,400, Nasdaq: 11,259). Only the Nasdaq declined on higher volume, leading to a distribution day and increased the count to five days, but the distribution day count remained unchanged on the S&P 500 at seven days.
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Won Europe Today
Yesterday,
- European markets erased gains and closed lower as investors closely observe the developments over U.S. stimulus package and are worried about a second wave of COVID‐19 infections in Europe.
- The Stoxx 600 closed 0.19% lower, with only Finland, Norway, Sweden, and Spain closing in positive territory.
- Among major markets, the U.K.’s FTSE 100 lost the most, down 0.59%. Germany’s DAX lost 0.42%, whereas France’s CAC 40 declined 0.13%. Volumes were lower across the markets.
- Actionable names in the Focus List include Straumann Holdings (STMN.CH; STMN:SW), Ashtead Group (AHT.GB; AHT:LN), Experian (EXPN.GB; EXPN:LN), Swedish Match (SWMA.SE; SWMA.SS), B&M (BME.GB; BME:LN), Softwareone Holding (SWON.CH; SWON: SW), Spirax‐Sarco (SPX.GB; SPX:LN), Halma (HLMA.GB; HLMA:LN ), Novo Nordisk ‘B’ (NON.DK; NOVOB:DC), Lonza Group (LONN.CH; LONN:SW), and Trigano (TRI.FR; TRI:FP).
Won Europe Today
Yesterday,
- European markets closed higher as the Stoxx 600 advanced 1.26% and all sixteen countries ended in the green. The Stoxx 600 closed above its declining 200‐DMA after finding support at it. However, we continue to remain cautious while adding new risk.
- France’s CAC 40 led the gains, up 2.03%, Germany’s DAX rose 1.62%, while the U.K.’s FTSE 100 advanced 1.53%.
- Of the 17 indices that we cover, 9 are in a Confirmed Uptrend while Switzerland is the only one in a Downtrend. Average distribution day count stands at 3.7.
- Actionable names in the Focus List include Straumann Holdings (STMN.CH;STMN:SW), Ashtead Group (AHT.GB;AHT:LN), Experian (EXPN.GB;EXPN:LN), Swedish Match (SWMA.SE;SWMA.SS), B&M (BME.GB; BME:LN), Softwareone Holding (SWON.CH; SWON: SW), Spirax‐Sarco (SPX.GB; SPX:LN), and Halma (HLMA.GB; HLMA:LN ), Novo Nordisk ‘B’ (NON.DK; NOVOB:DC), Lonza Group (LONN.CH; LONN:SW), and Trigano (TRI.FR; TRI:FP).
Won Global View
The U.S. market remains in a Confirmed Uptrend. Indices are consolidating strong gains off their respective 50-DMA over the prior two weeks. Support is at the rising 10-DMA (S&P 500: 3,460, Nasdaq: 11,581). The distribution day count stands at seven and four on the S&P 500 and Nasdaq, respectively, with two expiring on each this week.
Won Europe Today
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 {Allianz (XET) (ALVX.DE; ALV:GR), Orpea (ORP.FR; ORPB:EB))}
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq started sharply lower but closed near their day’s high yesterday. Both indices avoided distribution, and the count stands at seven and four days on the S&P 500 and Nasdaq, respectively. Support is at the rising 10-DMA (S&P 500: 3,448, Nasdaq: 11,515).
Won Europe Today
Yesterday,
- European markets were flat, with lower volume across all markets. Seven out of the 17 indices ended in negative territory.
- The Stoxx 600 slipped 0.1%, with losses led by Health Care stocks. The index will be upgraded to a Confirmed Uptrend after a follow‐through day.
- Germany’s DAX ended slightly higher, while the U.K.’s FTSE underperformed, declining 0.60%. France’s CAC decreased 0.12% and continues to be in a Rally Attempt awaiting a follow‐through day. Market status remained unchanged for all the indices.
- Actionable names in the Focus List include Straumann Holdings (STMN.CH;STMN:SW), Ashtead Group (AHT.GB;AHT:LN), Experian (EXPN.GB;EXPN:LN), Swedish Match (SWMA.SE;SWMA.SS), B&M (BME.GB; BME:LN), Softwareone Holding (SWON.CH; SWON: SW), Spirax‐Sarco (SPX.GB; SPX:LN), and Halma (HLMA.GB; HLMA:LN ), Indutrade (INDT.SE; INDT:SS), London Stock Exchange Group (LSE.GB: LSE:LN), Novo Nordisk ‘B’ (NON.DK; NOVOB:DC), Lonza Group (LONN.CH; LONN:SW), and Trigano (TRI.FR; TRI:FP)
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are consolidating strong gains from the prior two weeks. Yesterday, both indices pulled back, however, the S&P 500 did so in higher volume, adding a second distribution day in as many sessions. The distribution day count stands at seven and four days on the S&P 500 and Nasdaq, respectively, and one distribution day expired on each index due to time. Support is at the rising 10-DMA (S&P 500: 3,437, Nasdaq: 11,476).
Won Europe Today
Yesterday, we published our Weekly European Summary, click here for the report. Key points from the report:
- The Stoxx 600 remains in a Rally Attempt, and we continue to look for a follow‐through day to move the index back to a Confirmed Uptrend. Over the past two weeks, action has been particularly constructive as leaderships have emerged, reflected in the increasing number of stocks breaking out of consolidations.
- In terms of countries, among the 16 indices we cover in the region, eight countries are now in a Confirmed Uptrend. Finland, Switzerland, and Portugal were upgraded to a Confirmed Uptrend yesterday after the first two recorded new highs, and the latter had a follow‐through day.
- By groups, our rotation chart continues to highlight short‐term improvement among the Cyclical and Capital Equipment sectors.
- The O’Neil European Focus List is up 22.7% year‐to‐date and is currently made of 46 stocks.
- Conviction laggards: we removed Barry Callebaut (BARN.CH;BARN:SW) and reiterated our bearish call on Cts Eventim (EVDX.DE;EVD:GR).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 closed 0.6% lower and picked up a seventh distribution day, while the Nasdaq was down just slightly, avoiding a distribution day (five distribution days). Both indices are about 2% from all-time highs. One distribution day will expire on each index at the close today.
