The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to move into higher highs, constructively building on last week’s breakout. Leadership continues to act well while distribution remains at just two days on each index. Additionally, one distribution day will expire on the Nasdaq next week. We remain positive on the general market.
Author: Pramod Gopal
European Focus Long
A disappointing jobs report from the U.S. did not prevent European markets from closing higher on Friday, concluding the week up 0.2% on average. ECB President Mario Draghi’s dovish comments earlier in the week were the main catalyst. Denmark and Germany led, gaining 2.3% and 1.8%, respectively. Despite distribution days increasing this week across Europe, Norway (-1.4%) is the only country not in a Confirmed Uptrend.
