Author: Deepashree MC

Won Europe Today

Posted on by Deepashree MC

On Friday,

  • European markets had a weak session, with 12 of the 16 indices we track closing in the red. The Stoxx 600 was down 13bps, taking a pause near highs as its near-term moving averages are catching up. Near-term support is along its 10-DMA (77bps below), followed by its 21-DMA (219bps below). We recommend that investors add positions in names that are coming out of proper bases in leading industry groups post earnings.
  • Among sectors, Mining (+1.69%) outperformed, followed by Banks (+63bps) and Food and Beverage (+44bps). Leisure and Travel and Utility lagged and were down 1% and 0.6%, respectively.
  • Among major indices, France’s CAC 40 fell 0.26% and tested strong support at its 10-DMA. Immediate support is at its converging 21- and 50-DMA (90bps below). Germany’s DAX 30 was down 0.12% and traded very close to its 10-DMA (18,632). Near-term support is at its April 2 highs (18,567; 78bps below). The U.K.’s FTSE 100 declined 0.22%.
  • Fourteen of the 16 indices we track are in a Confirmed Uptrend, one (France) in a Rally Attempt, and one (Ireland) in an Uptrend Under Pressure. Norway was closed on account of a market holiday. Denmark and the U.K. recorded their first and third distribution day, respectively. The average distribution day count currently stands at 3.6.
  • Actionable names in the Focus List include Beiersdorf (BEIX.DE; BEI:GR), Swissquote (SQN.CH; SQN:SW), and Bachem Holding (BANB.CH; BANB:SW).

Won Global View

Posted on by Deepashree MC

The U.S. market has been upgraded to a Confirmed Uptrend. The upgrade was triggered as the S&P 500 and the Nasdaq gained 1.5% and 2.2%, respectively, and pushed back through their prior highs. Initial support at their 10-DMA (5,236/16,471), followed by the 21-DMA (5,187/16,268). There are no distribution days on the S&P 500 and one on the Nasdaq.

Won Europe Today

Posted on by Deepashree MC

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. None of the stocks from Europe were part of the list.

Won Global View

Posted on by Deepashree MC

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq reversed early gains and closed in the red. The S&P 500 was ~20bps down, while the Nasdaq declined ~30bps on higher d/d volume, recording its first distribution day. Indices are trading near all time highs, with strong support at their 10-DMA (5,222/16,406), followed by the 21-DMA (5,175/16,225).

Won Europe Today

Posted on by Deepashree MC

Yesterday,

  • European markets had a positive session. The Stoxx 600 gained 0.6% and continued to make new highs. Immediate support is at its 10-DMA (-1.7%), followed by its 21-DMA (-2.8%). We recommend that investors add risk in names that are coming out of proper bases in leading industry groups.
  • Among sectors, Utility, Financial Services, Technology, and Leisure and Travel were the top performers. Oil and Gas and Retail lost 70bps and 41bps, respectively.
  • Among major indices, France’s CAC 40 continued to trade along its March 2024 highs. Germany’s DAX 30 gained 0.8% and closed above its May 10 highs. The U.K.’s FTSE 100rose 0.2% and looks slightly extended in the short term.
  • Twelve of the 16 indices we track closed in the green. Switzerland was shifted to a Confirmed Uptrend after the index reclaimed its previous rally high. Fourteen indices are in a Confirmed Uptrend, one in a Rally Attempt, and one in an Uptrend Under Pressure. The average distribution day count stands at 1.87.
  • Actionable names in the Focus List include Beiersdorf (BEIX.DE; BEI:GR), Safran (SGM.FR; SAF:FP), Swissquote (SQN.CH; SQN:SW), Rolls-Royce (RR.GB; RR/:LN), and Vat Group (VACN.CH; VACN:SW).

Won Global View

Posted on by Deepashree MC

The U.S. market has been upgraded to a Confirmed Uptrend. Yesterday, the S&P 500 and the Nasdaq closed at a new all-time high after gaining 1.2% and 1.4%, respectively, on good volume. They are trending higher with strong support at their 10-DMA (5,205/16,341), followed by the 21-DMA (5,163/16,177).

Won Europe Today

Posted on by Deepashree MC

Yesterday,

  • European markets had another positive session, with 12 of the 16 indices that we track closing in the green. Technical action of most leading indices looks constructive. We recommend that investors add risk in names that are coming out of proper bases in leading industry groups.
  • The Stoxx 600 continued to make new highs. It is trading above its rising 10-DMA. Among other major indices, France’s CAC 40 continued to trade near its all-time high. Germany’s DAX 30 was consolidating, waiting for its moving averages to catch up. The U.K.’s FTSE 100 traded constructively along its rising 10-DMA.
  • Among sectors, Construction & Material, Chemical, and Retail ended flat. Health Care gained more than 0.5%, Industrial Goods rose 0.7%, and Technology was up 0.3%.
  • Germany, Norway, Belgium, and the Netherlands closed in the red. Italy and Spain were upgraded to a Confirmed Uptrend as the indices reclaimed their previous rally highs.
  • Actionable names in the Focus List include Beiersdorf (BEIX.DE; BEI:GR), Safran (SGM.FR; SAF:FP), Swissquote (SQN.CH; SQN:SW), Rolls-Royce (RR.GB; RR/:LN), and Vat Group (VACN.CH; VACN:SW).

Won Global View

Posted on by Deepashree MC

The U.S. market remains in a Rally Attempt. The S&P 500 gained ~50bps, while the Nasdaq closed ~75bps higher. Indices continue to consolidate above 50-DMA support (5,146/16,099) and are approaching all-time highs (5,264/16,538). We will shift the market status to a Confirmed Uptrend either on a follow-through day (+1.7% on higher d/d volume) or on a close at a new all-time high.

Won Europe Today

Posted on by Deepashree MC

We released our European Weekly Summary yesterday. Click here to access the report. Key points from it include:

  • The Stoxx 600 was shifted to a Confirmed Uptrend after hitting fresh highs last week. It had gained more than 300bps for the week, driven by strong performance in Utility, Insurance, and Construction stocks.
  • The index is extended in the short term and is expecting a pullback toward its rising 10-DMA (-2%).
  • On the rotation charts, Capital Equipment, Energy, Financial, Basic Material, Transportation, Health Care, Utility, and Retail have shown improvement in their short-term momentum. Technology and Consumer Cyclical showed weakness in their short-term momentum.

Won Global View

Posted on by Deepashree MC

The U.S. market remains in a Rally Attempt. The S&P 500 closed flat, while the Nasdaq gained ~30bps. Indices continue to consolidate above 50-DMA support (5,143/16,093) and are within 1% of their all-time highs (5,264/16,538). We will shift the market status to a Confirmed Uptrend either on a follow-through day (+1.7% on higher d/d volume) or on a close at a new all-time high.