Author: Deepashree MC

Won Europe Today

Posted on by Deepashree MC

Yesterday,

  • European markets closed marginally in the green. Retail stocks surged following strong results from Zalando and
    our Focus List stock Inditex. Our Focus List constituent Adidas reacted positively to its earnings print. Among
    sectors, Oil & Gas and Basic Resources led the gains, while Automobiles & Parts underperformed.
  • We recommend taking gains in extended names and adding risk in stocks that are part of leading industry groups
    and are breaking out of proper bases with a strong and rising RS line.
  • The Stoxx 600 closed 0.16% higher, making new highs. The index had positive momentum and was trading above
    all its key moving averages. Support levels: 21-DMA (2.2% below), 50-DMA (4.1% below), 100-DMA (6.9% below),
    and 200-DMA (8.6% lower).
  • Among major indices, France’s CAX40 made a fresh 52-week high, while Germany’s DAX closed flat. Both the
    indices were trading above all their key moving averages. The U.K.’s FTSE 100 has retaken all its key moving
    averages in the last few sessions and is near its 52-week high.
  • Most of the indices we track closed in the green. Spain led the gains and was up 1.65%. Eleven indices are in a
    Confirmed Uptrend, one in a Downtrend, and four in a Rally Attempt. The average distribution day count is currently
    at 2.5.
  • Actionable names in the Focus List include Imcd Group (IMCD.NL; IMCD:NA), Moncler (MONC.IT; MONC:IM),
    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 declined 19bps on higher d/d volume, while the Nasdaq declined
54bps on lower d/d volume. The indices have immediate support at their 10-DMA (5,126/16,110), followed by the 21-DMA (5,080/15,986).
The distribution day count remains at four and seven, respectively, with no expiration until the middle of next week.

Won Europe Today

Posted on by Deepashree MC

Yesterday,

  • European markets ended in the green. Major indices, the Stoxx 600, France’s CAC 40, and Germany’s DAX 30, hit
    fresh all-time highs. Core inflation in the U.S. was broadly in line with estimates. Most sectors closed in positive
    territory, with banks leading the rally.
  • We recommend taking gains in extended names and adding risk in stocks that are part of leading industry groups
    and are breaking out of proper bases with a strong and rising RS line.
  • The Stoxx 600 closed 1% higher after two days of flattish moves. The index has strong positive momentum and is
    trading above all its key moving averages. Support levels: 21-DMA (2.2% below), 50-DMA (4.4% below), 100-DMA
    (6.8% below), and 200-DMA (8.4% lower).
  • Among major indices, Germany’s DAX and France’s CAC hit fresh 52-week highs and are trading above all their
    key moving averages. The U.K.’s FTSE 100 has retaken all its key moving averages in the last few sessions but is
    yet to hit a new 52-week high.
  • Fifteen of the 16 indices we track closed in the green. Sweden led the gains and was up 1.72%. Eleven indices are
    in a Confirmed Uptrend, one in a Downtrend, and four in a Rally Attempt. The average distribution day count is
    currently at 2.7.
  • 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 were up ~110–155bps on higher d/d volume, bouncing off
their 10- and 21-DMA, respectively. The 21-DMA (5,071/15,967) has been a key level of support for both indices since the follow-through
day in November 2023. The distribution day count stands at four and seven, respectively, with no expiration until the middle of next week.

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:

  • European stocks rose for the seventh consecutive week on optimism that central banks will soon pivot to interest
    rate cuts.
  • The Stoxx 600 remains in a Confirmed Uptrend with three distribution days. Last week, it logged another strong
    performance, up 114bps, closing at a new all-time high and holding on to its 10-DMA throughout the week.
  • Leadership remains extended and technical indicators, such as the 12-week new high/new low ratio, trade at an
    extreme. We recommend taking gains in extended names (stocks trading more than 20% from their recent bases)
    and focus on leaders (RS line rising) that are breaking out of early-stage bases.

Won Global View

Posted on by Deepashree MC

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq declined 10–40bps on lower volume. The S&P 500 is
testing support at its 10-DMA (5,104), with the next level of support at its 21-DMA (5,061). The Nasdaq closed below its 10-DMA (16,058)
and has immediate support at its 21-DMA (15,937). The distribution day count stands at four and seven, respectively, after one expired on
each index yesterday after close.

Won Europe Today

Posted on by Deepashree MC

On Friday,

  • European markets ended flat, with major indices making new highs. The Stoxx 600 hit fresh all-time highs last
    week and closed in the green for the seventh consecutive week. Real Estate led the rally, while Technology
    declined the most.
  • We recommend that investors add risk in stocks that are part of leading industry groups and are breaking out of
    proper bases with a strong and rising RS line.
  • The Stoxx 600 closed 0.02% higher, ending the day flat. The index held on to its 10-DMA last week. Support levels:
    21-DMA (1.8% below), 50-DMA (3.7% below), 100-DMA (6.5% below), and 200-DMA (7.9% lower).
  • Among major indices, Germany’s DAX and France’s CAC hit new all-time highs and are extended from their 21-
    DMA.
  • Most of the 16 indices we track closed flat. Finland and Austria were shifted to a Rally Attempt. Ten indices are in a
    Confirmed Uptrend, one in a Downtrend, and five in a Rally Attempt. The average distribution day count is currently
    at 2.8.
  • Actionable names in the Focus List include Banco Bpm (BP.IT; BAMI:IM), Wise (WISE.GB; WISE:LN), Sage Group
    (SGE.GB; SGE:LN), Flutter Entertainment (FLTR.GB; FLTR:LN), and Technogym (TGYM.IT; TGYM:IM).

Won Global View

Posted on by Deepashree MC

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq bounced off 21-DMA support (5,055/15,929) last
Wednesday but staged a downside reversal on Friday. However, both indices remain near all-time highs and above 21-DMA support. The
distribution day count increased to eight on the Nasdaq and remains at five on the S&P 500, with one day expiring on each index after the
close today.

Won Europe Today

Posted on by Deepashree MC

Yesterday,

  • European markets bounced off the 10-DMA again, gaining 100bps following the European central bank’s dovish
    commentary. While interest rates remained unchanged, inflation is expected to cool down to an average of 2.3% in
    2024 and hit the target of 2% in 2025 as growth is expected to stall to 0.6% by 2024.
  • Health Care led the rally, gaining 3%. It was followed by oversold Mining stocks, which jumped 2.6% on China’s new
    reforms. Rate-dependent Technology continued to rally, up 2%. Travel and Leisure (-0.4%), Retail (-0.3%), and
    Telecommunication (-0.2%) were among the decliners.
  • The stocks are getting extended with the sustained rally, trading 15–20% above their recent base. We recommend
    that investors add positions in names that had strong breakouts from their set bases. Book profits in extended
    names which have started stalling and are starting to break below their 21-DMA.
  • 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 86bps, 77bps, and 17bps, respectively. The CAC and the DAX rallied into new highs from short
    consolidations. The U.K.’s FTSE was consolidating around 7,718–7,625.
  • Of the 16 indices we track, only Austria and Portugal closed in the red. Spain was shifted to a Confirmed Uptrend
    as the index rallied 1.2% into new highs.
  • Actionable names in the Focus List are Beiersdorf (BEIX.DE; BEI:GR), Flutter Entertainment (FLTR.GB; FLTR:LN),
    Sage Group (SGE.GB; SGE:LN), Universal Music Group (UNMG.NL; UMG:NA), Technogym (TGYM.IT; TGYM:IM),
    and Wise (WISE.GB; WISE:LN).

Won Global View

Posted on by Deepashree MC

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq gained ~1% and 1.5%, respectively, hitting fresh highs.
The first level of support for the indices remains at their 10-DMA (5,097/16,062), followed by their 21-DMA (5,048/15,913). The distribution
day count on indices stands at five and seven, respectively.