We released our Weekly Global Laggards Report today, 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 stocks include Tenaris (TEN.IT; TEN:IM).
Author: Deepashree MC
Won Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 ended 4bps lower on lower d/d volume and remains slightly below its 10-
DMA. The Nasdaq, on the other hand, closed 28bps higher, bouncing off its 10-DMA. Support for both indices remains at their converging
100-DMA (5,768, 18,420) and 200-DMA (5,770, 18,401). The distribution day count on the S&P 500 and the Nasdaq stands at three and
one, respectively.
Won Europe Today
Yesterday,
- European markets ended flat, recovering from early losses, as broad-based gains offset a decline in luxury stocks after weaker-than-expected retail sales data from China. Meanwhile, the U.K. inflation came in higher than expected, pushing the British pound almost 0.5% higher.
- Among key movers on the Stoxx 600, shares of British sports fashion retailer JD Sports (JD.GB; JD/:LN) declined more than 10% after the company reported weaker-than-expected Q1 FY25 sales and forecasted weakened customer demand going forward. On the other hand, shares of German chipmaker Infineon (IFXX.DE; IFX:GR) rose more than 2%, following news of its collaboration with Nvidia (NVDA)to develop chips for new power delivery systems.
- The Stoxx 600 ended flat. The index closed in line with its March 25 high (552), expecting some resistance at this level. We recommend a selective approach to adding names on a high-volume breakout or decisive retake of their key moving averages.
- Among sectors, Telecommunications (+90bps) and Technology (+66bps) led the gains, while Retail (-81bps) and Energy (-77bps) lagged the most.
- Among major indices, France’s CAC 40 closed 0.4% lower. The index was testing support at its 10-DMA. Next support is at its 100- and 21-DMA. Germany’s DAX 30 extended its gains for a third session, closing 0.3% higher. We expect the index to consolidate here. The U.K.’s FTSE 100 ended the session flat, facing resistance at its early March high.
- Austria and Portugal reported their second and fourth distribution day, respectively.
- Ten of the 16 indices we track closed in the green. Thirteen are in a Confirmed Uptrend and three in a Rally Attempt. The average distribution day count stands at 2.4.
- All the 20 European Focus List names are trading above their 50- and 200-DMA.
- Actionable names in the European Focus List are Medacta Group (MOVE.CH; MOVE:SW), Bawag Group (BWGP.AT; BG:AV), Rolls-Royce Holdings (RR.GB; RR/:LN), Sap (SAPX.DE; SAP:GR), and RELX (REL.GB; REL:LN).
Won Global View
The U.S. market is in a Confirmed Uptrend. Yesterday, the S&P 500 was down 1.6% on higher d/d volume, recording its second
consecutive distribution day. It closed slightly below its 10-DMA, with next support at its 100-DMA (5,770) and then its 200-DMA (5,767).
The Nasdaq declined 1.4%, also on higher d/d volume, recording its first distribution day. It closed slightly above its 10-DMA support, with
next support at its 100-DMA (18,431), followed by its 200-DMA (18,387). The distribution day count on the S&P 500 and Nasdaq stands at
three and one, respectively.
Won Europe Today
Yesterday,
- European markets marked a strong session, ending near nine-week highs. The rally was driven by strong performances in Utility and Telecom sectors, along with encouraging corporate earnings. Sentiment was further supported by China’s decision to cut its benchmark lending rates for the first time since October 2024, aiming to cushion its economy from the effects of the ongoing U.S.-China trade tensions.
- Among key movers on the Stoxx 600, shares of Danish wind power manufacturer Oersted (DEN.DK; ORSTED:DC) rose more than 14% after the U.S. lifted a one-month stoppage on work order on a major offshore wind facility, off the coast of New York. Meanwhile, shares of telecom operator Vodafone Group (VOD.GB; VOD:LN) were up 7% after the company reported strong growth in cash flow this year.
- The Stoxx 600 recovered from the slight losses in its previous session. The index retook its March 26 high and closed 0.7% higher. Next resistance is at its late February high of 560 (+1%). We recommend a selective approach to adding names on a high-volume breakout or decisive retake of their key moving averages.
- Most sectors closed in positive territory, with Utility (+180bps) and Telecommunications (+179bps) leading the gains. Financial Services and Technology closed 47bps and 6bps lower, respectively.
- Among major indices, France’s CAC 40 closed 0.75% higher, retaking its April 1 high. The index was making fresh one-month highs. Germany’s DAX 30 continued its rally and closed 0.4% higher. The index remains extended and was making new all-time highs. The U.K.’s FTSE 100 bounced off almost 1% after finding support at its 10-DMA.
- Denmark was shifted to a Confirmed Uptrend from an Uptrend Under Pressure as the index reclaimed its previous rally high.
- All the 16 indices we track closed in the green. Thirteen are in a Confirmed Uptrend and three in a Rally Attempt. The average distribution day count stands at 2.3.
- All the 20 European Focus List names are trading above their 50- and 200-DMA.
- Actionable names in the European Focus List are Medacta Group (MOVE.CH; MOVE:SW), SPIE (SPIE.FR; SPIE:FP), Bawag Group (BWGP.AT; BG:AV), Rolls-Royce Holdings (RR.GB; RR/:LN), Sap (SAPX.DE; SAP:GR), and Relx (REL.GB; REL:LN).
Won Global View
The U.S. market is in a Confirmed Uptrend. Yesterday, the S&P 500 was down 39bps on higher d/d volume, recording a distribution
day. The Nasdaq closed 38bps lower on lower d/d volume, with no distribution days yet. Indices are 3–5% off highs, with support at their
21-DMA (5,728; 18,231) and two distribution days on the S&P 500.
Won Global View
The U.S. market is in a Confirmed Uptrend. Yesterday, the S&P 500 and Nasdaq opened lower but recovered through the session
ending with gains of 9bps and 2bps, respectively. Indices are 3–5% off highs with support at their respective 21-DMA (5,707; 18,140) and
only one distribution day on the S&P 500.
Won Europe Today
Ishares DJ Stoxx600 (EXSA.DE)
We released our European Weekly Summary yesterday. Click here to access the report. Key points from it include:
- European markets extended their rally last week, buoyed by progress in the U.S.-China trade talks, as both sides agreed to roll back most tariffs and work toward a deal. With major indices, like the Stoxx 600, trading above key moving averages, the setup appears favorable for adding positions.
- Transportation, Retail, Consumer Cyclical, and Technology were the sector leaders in the past week. On the flip side, defensive sectors such as Consumer Staple, Utility, and Health Care have lagged.
Won Global View
The U.S. market is in a Confirmed Uptrend. On Friday, the S&P 500 and the Nasdaq gained 74bps and 126bps, respectively, and
closed at session highs for two days in a row. They are approaching their rolling 50-DMA resistance (5,636; 17,734) with support at their
respective 21-DMA (5,415; 16,855).
Won Europe Today
Ishares DJ Stoxx600 (EXSA.DE)
On Friday,
European markets ended the week higher, notching their fifth straight weekly gain, amid optimism fueled by the U.S.
trade agreements that eased tariff concerns and solid corporate earnings results.
Among key movers on the Stoxx 600, shares of Swiss luxury group Richemont (CFR.CH; CFR:SW) rose ~7%
after the company reported a slight beat in FY25 results. Positive results lifted the luxury index by more than 2%.
The Stoxx 600 advanced 0.4% after finding support at its 10-DMA. The index was trading constructively along its
10-DMA and above all its key moving averages. Next resistance is at its March 25 high. We recommend a selective
approach to adding names on a high-volume breakout or decisive retake of their key moving averages.
Among sectors, Telecommunications (+114bps) and Utility (+107bps) led the gains, while Mining (-114bps) and
Technology (-60bps) lagged the most.
Among major indices, France’s CAC 40 has retaken all its key moving averages and was up 0.4%, bouncing off its
10-DMA. Near-term support is at its 100-DMA, followed by its 50-DMA. Germany’s DAX 30 was back at its all-time
high, closing the session 0.3% higher. Near-term support is at its rising 10-DMA. The U.K.’s FTSE 100 closed 0.6%
higher after finding strong support at its 10-DMA. The index reclaimed its early April high.
Denmark recorded its fourth distribution day.
Fourteen of the 16 indices we track closed in the green. Twelve are in a Confirmed Uptrend, three in a Rally
Attempt, and one in an Uptrend Under Pressure. The average distribution day count stands at 2.3.
All the 19 European Focus List names are trading above their 50- and 200-DMA.
Actionable names in the European Focus List are Medacta Group (MOVE.CH; MOVE:SW), SPIE (SPIE.FR;
SPIE:FP), Games Workshop (GAW.GB; GAW:LN), Rolls-Royce Holdings (RR.GB; RR/:LN), Sap (SAPX.DE;
SAP:GR), and RELX (REL.GB; REL:LN).
