The U.S. market remains in a Confirmed Uptrend. Indices rallied off moving average support as the S&P 500 remains at all-time highs
while the Nasdaq is testing resistance along ~16,000. Support for the S&P 500 and Nasdaq is at their respective rising 10-DMA
(5,018/15,810), followed by the 21-DMA (4,969/15,660). The distribution day count on each index stands at five.
Author: Deepashree MC
Won Europe Today
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 Nestle (NESN.CH; NESN:SW) and
Bankinter (BKT.ES; BKT:SM).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 gained ~2.1% and is trading at a new high, while the Nasdaq advanced
~3.0%, retaking its 10-/21-DMA and closing at a fresh 52-week high. Support for both indices is at their respective rising 10-DMA
(5,002/15,768), followed by the 21-DMA (4,957/15,627). Resistance for the Nasdaq is at the November 2021 high (16,212). The
distribution day count on each index stands at five.
Won Europe Today
Yesterday,
- European markets ended marginally in the red. HSBC Holdings and Glencore declined on weak earnings. Nvidia
gained in post-market trading session on reporting better-than-expected Q4 results after market hours. Taking cues
from Nvidia, our Focus List stock ASML Holding is likely to open higher. The Stoxx 600 continues to remain near its
all-time high. Among sectors, Automobiles & Parts gained the most, while Banks, Health Care, and Basic
Resources led the decline. - 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 0.17% lower. The index is holding above its short-term moving averages (10- and 21-DMA).
Support levels: 21-DMA (1% below), 50-DMA (2.3% below), and 200-DMA (6% lower). Next level of resistance: 495
(0.8% above). - Among major indices, Germany’s DAX, France’s CAC, and the U.K.’s FTSE are trading above all their key moving
averages. The CAC and the DAX are near their all-time high. - Most of the 16 indices we track closed marginally in the green. Italy led the gains, up 1%. Eight indices are in a
Confirmed Uptrend, one in an Uptrend Under Pressure, two in a Downtrend, and five in a Rally Attempt. - Actionable names in the Focus List include Vat Group (VACN.CH; VACN:SW), Technogym (TGYM.IT; TGYM:IM),
Straumann Hldg. (STMN.CH; STMN:SW), Universal Music Group (UNMG.NL; UMG:NA), and Nemetschek (Xet)
(NEMX.DE; NEM:GR).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 gained ~15bps, while the Nasdaq declined ~30bps and closed just
below its 21-DMA on lower d/d volume. Immediate support for the S&P 500 is at its 21-DMA (4,944), followed by its 50-DMA (4,830), while
immediate support for the Nasdaq is at its 50-DMA (15,188). The distribution day count on each index stands at five.
O’Neil Consumer/Retail Weekly
Consumer Staples (XLP): The index continues to consolidate above its 200-DMA. A decisive break above the $75 price level should
be bullish for the sector. However, it continues to lag the broader market, with the RS line remaining in a downtrend with weak
technical ratings.
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq declined 60bps and 90bps, respectively, on higher d/d
volume and breached support at their 10-DMA (4,983/15,735). Indices have immediate support along their respective 21-DMA
(4,940/15,586), followed by the 50-DMA (4,822/15,163). Indices registered their second consecutive distribution day, with the total count on each index increasing to five.
Won Europe Today
We released our European Weekly Summary yesterday. Click here to access the report. Key points from it include:
- European markets ended in the red and had their biggest weekly drop since October 2023. Market sentiment
remains cautious on the back of uncertainty around central bank monetary policy and the pace of rate cuts. - The Stoxx 600 found support along its 50-DMA while its overhead short-term moving averages, such as the 10- and
21-DMA, will likely act as resistance levels in the near term.
Won Global View
The U.S. market remains in a Confirmed Uptrend. Last week, the S&P 500 fell 0.4% while the Nasdaq fell 1.4%. Both indices bounced
from 21-DMA support (4,936/15,582) but closed a bit off the highs established on Monday. The S&P 500 is still well into all-time highs,
while the Nasdaq is about 2% below its Q4 2021 peak (16,212). Indices are about 4% extended from their 50-DMA (4,813/15,134). The
distribution day count stands at five and four, respectively, after each index picked two last week (Tuesday and Friday).
Won Europe Today
Yesterday,
- European markets ended higher amid a U.S. trading holiday. The Stoxx 600 inched higher and was 0.6% below its
January 2022 highs (all-time high). Health Care and Telecommunications led the gains, while Automobile & Parts
and Technology underperformed. - 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 0.16% higher. The index bounced off its 10-DMA on Thursday and has been holding above its
short-term moving averages. Support levels: 21-DMA (1.6% below), 50-DMA (2.8% below), and 200-DMA (6.3%
lower). Next level of resistance: 495 (0.6% above). - Among major indices, Germany’s DAX, France’s CAC, and the U.K.’s FTSE are trading above all their key moving
averages. - Most of the 16 indices we track closed marginally on either side. Eight indices are in a Confirmed Uptrend, one in
an Uptrend Under Pressure, one in a Downtrend, and six in a Rally Attempt. The average distribution day count is
currently at 4.8. - Actionable names in the Focus List include Flutter Entertainment (FLTR.GB; FLTR:LN), Vat Group (VACN.CH;
VACN:SW), Technogym (TGYM.IT; TGYM:IM), Straumann Hldg. (STMN.CH; STMN:SW), Universal Music Group
(UNMG.NL; UMG:NA), Ferrari (Mil) (RACE.IT; RACE:IM), Nemetschek (Xet) (NEMX.DE; NEM:GR), and Recordati
Indua. Chimica (REC.IT; REC:IM).
