Author: Deepashree MC

Won Europe Today

Posted on by Deepashree MC

Yesterday,

  • European markets had a positive session, gaining 24bps, as investors continue to digest the latest earnings
    session and guidance provided for FY24 in light of the central bank’s decisions and dovish approach. Value has
    started leading growth. Short-term momentum has started to fade in Technology and Consumer Staple, while
    gaining strength in Mining and Financials. Hence, we recommend that investors book profits in extended names
    that have started breaking below their near-term support levels and are displaying a change of character.
  • Sectoral gains were mostly broad based. Retail (+169bps) led the gains by a wide margin, as it closed on a strong
    monthly performance (+12.3%). It was followed by Health Care (+28bps) and Food and Beverages (+28bps).
    Travel & Leisure (-54bps) declined the most.
  • Most of the indices are exhibiting constructive technical action and are in a Confirmed Uptrend. All the three major
    indices had a positive session. Germany’s DAX 30, France’s CAC 40, and the U.K.’s FTSE 100 gained 76bps,
    41bps, and 17bps, respectively.
  • Among the 16 indices we track, Denmark and Norway closed in the red, while Belgium closed flat with a negative
    bias. Denmark also recorded a distribution day, taking its total distribution day count to 7. We will shift the index to
    an Uptrend Under Pressure if the distribution day count increases.
  • Actionable names in the Focus List are Adidas (Xet) (ADSX.DE; ADS:GR), Flutter Entertainment (FLTR.GB;
    FLTR:LN), IMCD Group (IMCD.NL; IMCD:NA), Nemetschek (NEMX.DE; NEM:GR), Partners Group (PGHN.CH;
    PGHN:SW), Sage Group (SGE.GB; SGE:LN), Straumann Holdings (STMN.CH; STMN:SW), TBC Bank Group
    (TBCG.GB; TBCG:LN), Technogym (TGYM.IT; TGYM:IM), and Universal Music Group (UNMG.NL; UMG:NA).

Won Global View

Posted on by Deepashree MC

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq declined 28bps and 42bps, respectively, on higher d/d
volume, thereby registering distribution days. Short-term support for both indices remains at the 10-DMA (5,192/16,275), followed by the
rising 21-DMA (5,148/16,156). The distribution day count on the indices stands at four and eight, respectively.

Won Europe Today

Posted on by Deepashree MC

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

  • The Stoxx 600 is in a Confirmed Uptrend with the index continuing its upward trajectory last week. It ended 1%
    higher, recording the ninth consecutive week of gains and the longest winning streak since 2018.
  • Except Health Care, Travel & Leisure, Food & Beverage, and Personal & Household Goods, all groups ended in
    positive territory. The latest decline of more than 2% for the week was driven by Kering’s profit warning, which sent
    the stock 16% lower. Best-performing groups included Real Estate, Retail, and Basic Resources.
  • On Rotation ChartConsumer Staple continued to deteriorate further, while it improved in Consumer Cyclical,
    Financials, Retail, and Basic Materials.

Won Global View

Posted on by Deepashree MC

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq both declined ~30bps, with the Nasdaq adding a
distribution day. Short-term support for both indices remains at their 10-DMA (5,189/16,266), followed by the rising 21-DMA
(5,143/16,140). The distribution day count declined by one on each index, with the S&P 500 now at three and the Nasdaq still at seven due
to a new distribution day.

Won Europe Today

Posted on by Deepashree MC

On Friday,

  • European markets closed flat, near its all-time high, after central banks held interest rates in their recent meetings
    and hinted at a dovish approach over the course of the year. The index gained 96bps last week, bouncing off its
    rising 10-DMA after a slow start to the week.The U.K.-based insurance service provider Phoenix Group Holdings
    (PHNX.GB; PHNX:LN) led the gains with an 8.4% rally on strong FY23 results. It was followed by Tomra Systems
    (TOM.NO; TOM:NO), which gained 4.9% after publishing its FY23 annual report, and Siemens Energy (ENRX.DE;
    ENR:GR), which rose 4.2% on the news that the company is preparing to resume sale of its wind turbine division.
  • Sectoral performance was mixed. Utility (+104bps), Food and Beverage (+56bps), and Oil and Gas (+48bps)
    gained the most. Travel and Leisure (-130bps), Technology (-77bps), and Chemicals (-34bps) led the decline.
  • Most indices are exhibiting constructive technical action and are in a Confirmed Uptrend. We recommend that
    investors add risk in stocks that are coming out of proper bases in leading industry groups.
  • Among major indices, France’s CAC 40 had a negative session, down 34bps as it consolidates near highs while its
    10-DMA catches up.Germany’s DAX 30 and the U.K.’s FTSE 100 had a positive session, gaining 18bps and 61bps,
    respectively. The DAXcontinued to make new highs, while the FTSE is clearing its April 2023 highs.
  • Nine of the 16 indices we track in Europe closed in the green. Portugal was shifted to a Rally Attempt.
  • Actionable names in the Focus List are Adidas (Xet) (ADSX.DE; ADS:GR), Flutter Entertainment (FLTR.GB;
    FLTR:LN), IMCD Group (IMCD.NL; IMCD:NA), Partners Group (PGHN.CH; PGHN:SW), Sage Group (SGE.GB;
    SGE:LN), Straumann Holdings (STMN.CH; STMN:SW), TBC Bank Group (TBCG.GB; TBCG:LN), Technogym
    (TGYM.IT; TGYM:IM), Trainline (TRN.GB; TRN:LN), and Universal Music Group (UNMG.NL; UMG:NA).
  • Of the 16 indices we track in Europe, nine closed in the green. Portugal was shifted to a Rally Attempt and Austria
    reclaimed the high of its previous rally and was shifted to a Confirmed Uptrend.

Won Global View

Posted on by Deepashree MC

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq gained +2% last week and touched another new all-time
high. Short-term support for both indices remains at their 10-DMA (5,183/16,240), followed by the rising 21-DMA (5,135/16,116). The
distribution day count declined to four and seven, respectively, with another day set to expire on each index after the close.

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. Stocks in Europe include Infineon (IFXX.DE; IFX:GR).

Won Global View

Posted on by Deepashree MC

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq gained ~20–30bps yesterday and printed fresh all-time
highs before reversing to the downside and closing at the lows of the day. Immediate support for both indices is at their 10-DMA
(5,171/16,198). The distribution day count on the indices remains elevated at five and eight, respectively, but one distribution day rolls off
each index today after close.

Won Europe Today

Posted on by Deepashree MC

Yesterday,

  • European markets had a mixed session. Most major indices have been consolidating in the last few sessions, allowing their respective 10-DMA to catch up. Overall, technical action across indices remains constructive. We recommend that investors add risk in stocks that are coming out of proper bases in leading industry groups.
  • The Stoxx 600 ended flat. It continued to test support at its 10-DMA. Among other major indices, France’s CAC 40 and Germany’s DAX 30 continued to trade along their respective 10-DMA. The U.K.’s FTSE 100 continued to face resistance at its crucial price level of 7,750.
  • Among sectors, Utility, Real Estate, and Chemical gained ~1%. Banks and Insurance were flat. Personal & Household Goods lost more than 1% and Oil & Gas fell 0.7%.
  • Seven of the 16 indices that we track closed in the red. Volumes were mixed.
  • Actionable names in the Focus List include Adidas (Xet) (ADSX.DE; ADS:GR), Flutter Entertainment (FLTR.GB; FLTR:LN), Technogym (TGYM.IT; TGYM:IM), Sage Group (SGE.GB; SGE:LN), Universal Music Group (UNMG.NL; UMG:NA), Wise (WISE.GB; WISE:LN), and Straumann Holdings (STMN.CH; STMN:SW).

Won Global View

Posted on by Deepashree MC

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq gained ~90bps and ~125bps, respectively. The S&P 500
made a new all-time high, while the Nasdaq made fresh closing highs. Immediate support for both indices is at their 10-DMA
(5,155/16,153). The distribution day count on the indices remains elevated at five and eight, respectively.