Author: Anuj Kumar Chouhan
Daily Market Intelligence
Daily Market Intelligence
US Focus Long
The market remains in a Confirmed Uptrend, likely set to consolidate gains we have seen over the past month. We are looking for short-term levels of support to hold, including the 21- DMA, while distribution remains muted. Leadership has continued to act well with very few technical breakdowns. This too, will be key going forward. We lose one distribution day on both the S&P 500 and Nasdaq after the close on Tuesday.
European Focus Long
Many European markets paused towards the end of the week as they approached their 52-week highs, although they still managed to gain 0.7% on average, for the second consecutive week. All the markets gained except Norway, which closed down 1.4%. Four markets – the Netherlands (+1.9%), Austria (+1.4%), Spain (+1.4%), and Denmark (+1%) – gained 1% or more. Germany, France, and the U.K. gained 0.8%, 0.8%, and 0.6%, respectively. Currently, 12 of 16 markets are in a Confirmed Uptrend.
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index gained 1.3% this week, rising to new 52-week highs. The index did pull back slightly on Friday, picking up a distribution day. It is in a Confirmed Uptrend with four distribution days over the past five weeks, but is set to lose two next week. If the index pauses here, support levels are 2-3% lower, at the 21-day moving average (AUD 5,775) and the 50-day moving average (AUD 5,720).
Global Focus Emerging Long
Mainland Chinese markets traded flat this week with the Shenzhen trading near resistance below the 40-WMA and the Shanghai trading sideways but still 2% above the 10-WMA. Volumes for both indices were above average for the second consecutive week. We continue to watch the Shenzhen to see if it will break above resistance at approximately 1,988, bringing it back to January levels.
