US Focus Long

The U.S. market remains in a Confirmed Uptrend. The S&P 500 remains above its 50-DMA, while the Nasdaq is still trading just 2% off all-time highs. Leading ideas across Technology continue to act well, though the majority are now well extended from ideal pivot points. We are looking for leadership to broaden over the next week as Technology consolidates these gains.

European Focus Long

The Stoxx 600 was down 0.36% this week as of Thursday’s closing
price. This follows a gain of 3.05% last week, when we moved the
index to a Rally Attempt. The index continues to trade in a rangebound
fashion after a sharp break below its 200-DMA in early
March. We continue to encourage investors to focus on stockspecific
stories with attractive O’Neil technical characteristics. We
added two names to our focus list this week: Vat Group (VACN.
CH, VACN:SW) and Keywords Studios (KWS.GB, KWS:LN).

Global Focus Emerging Long

Mainland China’s markets closed down this week, led by the Shenzhen index, which fell 1.19%. Markets continue to be in a Rally. Shanghai’s index closed 1% below its 200-DMA (~3,308), while the Shenzhen closed 2.3% below its 200-DMA (~1,907). The 100-DMA (~1,908) continues to act as a strong resistance level for the Shenzhen. No new distribution days were added this week

US Focus Long

The U.S. market has been upgraded to a Confirmed Uptrend. The Nasdaq broke into all-time highs while the S&P 500 gapped up through its 50-DMA after a better-than-expected jobs reports. Technology, driven by Software, Semiconductor, and Internet Content, remains the leading sector, however we have noticed improvement across multiple sectors including Financial and Cyclicals. Although markets remain volatile, we advise buying stocks from leading sectors/industry groups as they emerge from constructive consolidations or pull back into areas of support.

European Focus Long

European markets continued to move higher on Thursday, the
fourth consecutive positive close for the Stoxx 600. As of Thursday’s
close, the index was up 2.6% on a weekly basis, compared with a
3.7% decline the prior week. Recent positive sentiment is led by
software and semiconductor names, while Health Care is showing
improvement in short-term momentum. We moved several
European indices to a Rally Attempt this week, including Germany,
the U.K., Switzerland, Italy, and Spain. As of Thursday’s close, 13
of 16 European indices are in a Rally Attempt.

Global Focus Emerging Long

Mainland China’s markets closed significantly higher this week, led by
the Shenzhen, which rose 3.5%, compared with a 1.6% gain for the
Shanghai. The markets continue to rally. The Shanghai just closed above
its 200-DMA (~3,303), while the Shenzhen closed 1.0% below its 200-
DMA (~1,906). The 100-DMA (~1,913) continues to act as a strong
resistance level for the Shenzhen. No new distribution day was added this
week