The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq are both trading
above their respective 50-DMA, while the Russell 2000 is trading at all-time highs. Leadership
is broadening with ten of 11 sectors now trading above their respective 50-DMA and multiple
ideas reaching new highs this week. Going forward, we will be looking for the major averages
to hold support along the 50-DMA and avoid distribution. We are also looking for the U.S.
Focus List count to increase and for breakouts to progress further into new highs. With
market conditions improving, we recommend putting additional capital to work with a focus
on high relative strength ideas from leading and/or improving industry groups.
Author: Balaji NG
European Focus Long
This week through Thursday, the Stoxx 600 gained about 1.3% and
reached its highest level since early February. The index is currently
in a Confirmed Uptrend and continues to trade 4.5% above its 10-
WMA and 3% above its 40-WMA.
Global Focus Developed Long
Australia’s ASX All Ordinaries Index increased 0.99% this week.
It is trading 3.73% above its 40-WMA and is currently in a Rally
Attempt.
Global Focus Emerging Long
Mainland China’s markets closed significantly higher over last week, led by the Shanghai, which gained 2.34%. We moved Mainland China to an Uptrend Under Pressure last week. We want to see the CSI 300 rise and hold above its 200-DMA (~ 3,955) to become bullish. We recommend a defensive approach for any fresh additions.
Global Focus Frontier Long
Grupo Financiero Galicia (
) is a leading private sector Argentine bank, in terms of its deposits and loan portfolio. Leveraging its leadership and branch expansion, it continues to benefit from a growing loan book.
