“Australia’s ASX All-Ordinaries Index lost 1.2% this week,
falling for a second week from 52-week highs two weeks earlier.
It picked up one distribution day but also lost one, still having four
over the trailing five weeks. The index is in a Confirmed Uptrend
but dipped below its 21-day moving average to close the week. The
next support is about 1% lower, at its 10-week moving average.”
Author: Neeraj Khanna
European Focus Long
“For a second consecutive week, European markets closed slightly lower,
down 0.5% on average. However, distribution days remain minimal and
all markets are in a Confirmed Uptrend. A few markets underperformed,
including the U.K., which closed 1.9% lower after reaching new highs
the past several weeks. Four smaller markets gained – Finland (+0.7%),
Norway (+0.6%), Austria (+0.2%), and Sweden (+0.2%) – and Germany
traded relatively flat to lead.”
US Focus Long
“The U.S. market remains in a Confirmed Uptrend as the major averages continue to trade
constructively. Distribution stands at four days for the S&P 500 and six for the Nasdaq,
with one set to fall off the Nasdaq next week. For both indices, support along the 50-DMA
continues to rise, as price looks poised to break higher toward resistance along the upper
channel line. We remain constructive on the market as long as the indices continue to hold
above short-term support levels and distribution stays relatively low.”
