European markets closed mixed, with the pan-European Stoxx 600 closing 0.19% lower. Among the major bourses, Germany’s DAX led the losses with 0.62% downward move, followed by France’s CAC 40, which lost 0.17%. Germany recorded its first distribution day after it was moved to a Confirmed Uptrend. The U.K.’s FTSE 100 was up 0.03% on lower volume. The downward move in the markets was accentuated by earnings and regulatory news.
Author: Anuj Kumar Chouhan
WON Europe Today
European markets are trading more constructively. The Stoxx 600 is in a Confirmed Uptrend and we recommend gradually allocating more money toward the region as stocks break out of consolidation. For the first time since September 2018, the index closed above its 10-WMA on above-average volume this week.
WON Europe Today
We released our weekly Global Laggards report yesterday . 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.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 regained its 50-DMA, while the Nasdaq continues to hold above this level. Action remains constructive, with just one distribution day on the S&P 500 and zero on the Nasdaq.
WON Global View
The U.S. market is in a Confirmed Uptrend. The Nasdaq held above its 50-DMA (6,989) yesterday, while the S&P 500 is now testing that level (2,628). To remain constructive, we look for the major averages to avoid any major price break lower that changes the character of this move higher. Consolidating at current levels is likely, given the sharp move off the lows. Thus far, both indices continue to show constructive action, trading in tighter ranges with little to no distribution.
WON Europe Today
Yesterday, major European markets and sectors except the U.K closed in the green after Theresa May’s Brexit vote defeat. The Banking sector led the gains with more than 2% gain. The U.K.’s FTSE 100 was down 0.47% on higher volume, France’s CAC was up 0.51%, and Germany’s DAX was up 0.36% on lower volume.
WON Global View
The U.S. market is in a Confirmed Uptrend. The Nasdaq closed above its 50-DMA (6,997) for the first time since October. We will now be looking for this level to act as support should the market pull back. The S&P 500 continues to make good progress since the January 4 follow-through day but remains 80bps below its 50-DMA (2,631). Overall, action remains constructive, with just one distribution day on the S&P 500.
WON Europe Today
Yesterday, most European markets and sectors closed in the green ahead of the crucial Brexit vote. The U.K.’s FTSE 100 was up 0.58%, France’s CAC was up 0.49%, and Germany’s DAX was up 0.33%, all on higher volume. All countries closed in the green except Ireland, Italy, and Luxembourg.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to consolidate constructively below resistance along their respective 50-DMA (S&P 500: 2,633 (+1.9%); Nasdaq: 7,002 (+1.4%)). Though volume came in below average, the S&P 500 did pick up its first distribution day since the January 4 follow-through day. To stay constructive, the market needs to avoid any major price break that closes at the lows of the session in heavy volume. We believe tight sideways consolidation will set up the market for a move up and through its 50-DMA.
WON Europe Today
Yesterday, all European markets closed in the red amid global growth fears after reports of a contraction in China’s exports. The U.K.’s FTSE 100 was down 0.91% on higher volume. France’s CAC and Germany’s DAX lost 0.39% and 0.29%, respectively, on higher volume.
