“. Australia’s ASX All-Ordinaries Index gained 1.6% in four days
of trading this week, once again rising to new 52-week highs.
The index, which has risen in four of the past five weeks, is in a
Confirmed Uptrend and at its highest level since May 2015. “
Author: Neeraj Khanna
European Focus Long
“European markets started 2017 the same way they ended 2016,
heading higher, gaining 1.4% on average for the week. This was the
fifth consecutive weekly gain as every market advanced. Belgium,
previously the only country not in a Confirmed Uptrend, was
moved into a Confirmed Uptrend after closing above resistance.
The U.K. continued to set new record highs, gaining 0.9%, while
France and Germany both gained 1%. Three countries – Austria
(+3%), Italy (+2.4%), and Switzerland (+2.4%) – gained more than
2% to lead.”
US Focus Long
“The U.S. market remains in a Confirmed Uptrend, rallying off support levels to start the new
year. Distribution fell to three days on the S&P 500 and four on the Nasdaq. Our concern
now is that no further distribution days will expire for a few weeks, leading us to believe the
count may reach a concerning level heading into Q4 earnings season. Still, as of today, there
has been few signs of weakness across the major averages and leadership alike. We are looking
for the S&P 500 to hold support along its 50-day moving average, while finding resistance
along its upper channel line. “
