The U.S. market remains in a Confirmed Uptrend. The S&P 500 declined ~40bps on lower d/d volume, closing just below its 21-DMA.
The Nasdaq ended ~35bps lower on lower d/d volume and remained below its 21-DMA. Next support for the indices is at their 50-DMA
(6,261/20,686). The distribution day count stands at six and three, respectively.
Author: Deepashree MC
Won Europe Today
Yesterday,
- European indices closed mixed. The Stoxx 600 closed higher as strength in consumer and healthcare shares offset weakness in technology and defense stocks. Markets turned optimistic on a potential Russia-Ukraine peace agreement after U.S. and allied talks, but caution prevailed amid uncertainty over military commitments.
- Among key movers on the Stoxx 600, shares of Rockwool (ROA.DK; ROCKA:DC) fell 16.2%, its sharpest decline in over two years, after the company cut its full-year guidance. Meanwhile, shares of Alcon (ALC.CH; ALC:SW) slid 9.4%, marking its steepest fall in five years, as the company lowered its 2025 sales outlook due to expected U.S. tariff effects.
- The Stoxx 600 booked a gain of 0.2%. It has next resistance at its March high (+0.8%). We recommend a selective approach to adding names on a high-volume breakout or decisive retake of their key moving averages.
- Among sectors, Food & Beverage (+232bps), Chemicals (+105bps), and Chemicals (+84bps) were the top gainers, while Travel & Leisure (-115bps), Automobiles & Parts (-61bps), and Technology (-55bps) lagged the most.
- Among major indices, France’s CAC closed 0.1% lower. It is trading above all key moving averages, with immediate support at its 10-DMA (-1.5%). Germany’s DAX fell 0.6% and tested support at its 10-DMA. Next support is at its 21-DMA (-0.6%). The U.K.’s FTSE bounced off its 10-DMA and advanced 1.2%, hitting an all-time high. Next support is at its 21-DMA (-1.6%).
- Eight of the 16 markets closed in the green. Eleven are in a Confirmed Uptrend, one in an Uptrend Under Pressure, and four in a Rally Attempt.
- All 28 European Focus List names are trading above their 200-DMA, while 22 names are trading above their 50-DMA.
- Actionable names in the Focus List include UCB (UCB.BE; UCB:BB),Abb (ABBN.CH; ABBN:SW), Bawag (BWGP.AT; BG:AV), NatWest (NWG.GB; NWG:LN), and Talanx (TLXX.DE; TLX:GR).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 closed ~25bps lower on higher d/d volume, registering its sixth
distribution day. The index has its first level of support at its 21-DMA (6,373), followed by its 50-DMA (6,254). Meanwhile, the Nasdaq
declined ~70bps on lower d/d volume and broke below its 21-DMA with next support at its 50-DMA (20,658). The distribution day count
stands at six and three, respectively.
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 fell ~0.6% on lower d/d volume, while the Nasdaq declined ~1.5% on
higher d/d volume and registered its third distribution day. The first level of support is at the rising 21-DMA (6,371/21,240), followed by the
50-DMA (6,246/20,627). The distribution day count stands at five and three, respectively
Won Europe Today
Yesterday,
- European stocks closed higher as investors weighed White House talks on the conflict in Ukraine and the potential lifting of sanctions on Russian oil, which put pressure on crude prices. Investors are now shifting their focus to the Federal Reserve’s Jackson Hole meeting later this week, where market sentiment may be influenced by Chair Jerome Powell’s outlook on inflation and growth.
- The Stoxx 600 booked a gain of 0.7%. Next resistance is at its March high (+1%). We recommend a selective approach to adding names on a high-volume breakout or decisive retake of their key moving averages.
- All sectors closed in the green. Automobiles & Parts (+247bps), Chemicals (+201bps), Retail (+183bps), and Food & Beverage (+161bps) were the top gainers.
- Among major indices, France’s CAC jumped 1.2% on higher volume. Next resistance is at its March high (+0.2%). Germany’s DAX closed 0.4% higher. It traded above all its key moving averages and has next support at its 21-DMA (-1.2%). The U.K.’s FTSE advanced 0.4% and continued to trade above all its key moving averages. Next support is at its 21-DMA (-0.6%).
- Fourteen of the 16 markets closed in the green. Eleven markets are in a Confirmed Uptrend, one in an Uptrend Under Pressure, and four in a Rally Attempt.
- France and the Stoxx 600 were upgraded to a Confirmed Uptrend from a Rally Attempt after the indices reclaimed their previous rally high. Sweden was shifted to a Confirmed Uptrend from an Uptrend Under Pressure after the index reclaimed its previous rally high.
- Belgium recorded its second distribution day. The total average distribution day count stood at 2.57.
- All 28 European Focus List names are trading above their 200-DMA, while 22 names are trading above their 50-DMA.
- Actionable names in the Focus List include Abb (ABBN.CH; ABBN:SW), Bawag (BWGP.AT; BG:AV), NatWest (NWG.GB; NWG:LN), Airbus (AIRS.FR; AIR:FP), and Talanx (TLXX.DE; TLX:GR).
Won Europe Today
We released our European Weekly Summary yesterday. Click here to access the full report. Key points from it include:
- European markets ended last week mostly positive, with several indices trading at/near their 52-week highs. Italy, Austria, Spain, and Ireland hit fresh highs with ~3% gains, while the U.K. and Belgium made new 52-week highs, up 0.9% each. Denmark, Switzerland, and the Netherlands still face resistance at their key moving averages. France, Sweden, Germany, and others held above their key moving averages.
- All sectors ended the week in positive territory, except Energy (-0.5%). Health Care (+3.4%) outperformed. Transportation, Basic Material, and Consumer Staple gained 0.4–0.6%. The remaining sectors were up 1.0–1.5%.
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 closed almost flat, while the Nasdaq was up 3bps. The first level of
support is at the rising 10-DMA (6,415/21,481), followed by the 21-DMA (6,367/21,232). The distribution day count stands at five and two,
respectively, after one expired on the S&P 500 following yesterday’s close.
Won Europe Today
On Friday,
- European markets fell from their recent highs, despite some good earnings reports, due to weakness in major tech and financial shares. Investors were cautious as they awaited the outcome of the U.S.-Russia summit in Alaska, which could be crucial for advancing discussions on resolving the Ukraine conflict.
- Among key movers on the Stoxx 600, shares of ASML (ASML.NL; ASML:NA) fell ~1% after Applied Materials (AMAT) lowered its Q4 outlook, citing lower Chinese demand and tariff uncertainty. Shares of Pandora (PND.DK; PNDORA:DC) fell 18.4% on indications of slowing European sales, while shares of NKT (NKT.DK; NKT:DC) rose 8.6% after the company raised its FY25 outlook.
- Among sectors, Basic Resources (+92bps), Travel & Leisure (+74bps), and Health Care (+73bps) were the top gainers, while Technology (-51bps), Retail (-40bps), and Banks (-29bps) lagged the most.
- Among major indices, France’s CAC gapped up and rose 0.7%. Next resistance is at its May high (+0.2%). Germany’s DAX closed 0.1% lower. It trades above all key moving averages and has next support at its 21-DMA (-1%). The U.K.’s FTSE fell 0.4% and tested support at its 21-DMA. Next support is at its 50-DMA (-2%).
- Italy market was closed. Nine of the 15 open markets closed in the green. Six of the 16 markets we track are in a Confirmed Uptrend, three in an Uptrend Under Pressure, and seven in a Rally Attempt.
- Italy was upgraded to a Confirmed Uptrend from a Rally Attempt after the index reclaimed its previous rally high.
- All 28 European Focus List names are trading above their 200-DMA, while 21 names are trading above their 50-DMA.
- Actionable names in the Focus List include Bawag (BWGP.AT; BG:AV), NatWest (NWG.GB; NWG:LN), Talanx (TLXX.DE; TLX:GR), and Lottomatica (LOTG.IT; LTMC:IM).
Won Global View
The U.S. market remains in a Confirmed Uptrend. On Friday, the S&P 500 declined ~30bps on higher d/d volume, registering its sixth
distribution day, while the Nasdaq declined 0.4% on lower d/d volume. The first level of support is at the rising 10-DMA (6,391/21,397),
followed by the 21-DMA (6,359/21,194). The distribution day count stands at six and two, respectively, with one set to expire on the S&P
500 after today’s close.
Won Europe Today
We released our Weekly Global Laggards Report today. Click here to access the full 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 K + S (SDFX.DE; SDF:GR), London Stock Exchange Group (LSEG.GB; LSEG:LN), Convatec Group (CTEC.GB; CTEC:LN), STMicroelectronics (STM.IT; STMMI:IM), and Cadeler (CADE.NO; CADLR:NO).
