Australia’s ASX All Ordinaries Index declined 0.60% this week. It is trading 1.39% above its 40-WMA and is currently in a Rally Attempt.
Author: Raghavendra K
Global Focus Emerging Long
Mainland China’s markets closed lower over last week, led by the Shenzhen Index, which fell 3.5%. The CSI 300 Index (
) fell 1.2% and continues to remain in an Uptrend Under Pressure. Two distribution days were added this week, increasing the count to six. We want to see the CSI 300 rise and hold above its 200- DMA (~ 3,966) to become bullish. We recommend a defensive approach for any fresh additions.
Global Focus Frontier Long
“Grupo Financiero Galicia (
) is a leading private sector Argentine bank, in terms of its deposits and loan portfolio. Leveraging its leadership and branch expansion, it continues to benefit from a growing loan book.”
US Focus Long
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to trade in a tight range above their respective 50-DMA. The S&P 500 does have an elevated distribution day, however, one day expires at the close Tuesday and two more fall off the week after. Leadership remains healthy with many ideas still hitting new highs, while the majority are forming the right side of their respective bases. We maintain our positive stance on the general market.
European Focus Long
This week through Thursday, the Stoxx 600 posted a decline of about 1% and, in the process, recorded a distribution day, taking its tally to three. The index is in a Confirmed Uptrend, as it continues to trade about 3% above its 10- and 40-WMA. This week, we added Worldline (WLN.FR; WLN:FP) to our Focus List.
Global Focus Developed Long
Australia’s ASX All Ordinaries Index declined 0.81% this week. It is trading 2.14% above its 40-WMA and is currently in a Rally Attempt.
Global Focus Emerging Long
Mainland China’s markets closed lower over last week, led by the Shanghai index which fell 1.63%. The CSI 300 index (
) fell 2.2% and continues to remain in an Uptrend Under Pressure. Two distribution days were added this week, increasing the count to four. We want to see the CSI 300 rise and hold above its 200- DMA (~ 3,964) to become bullish. We recommend a defensive approach for any fresh additions.
Global Focus Frontier Long
Grupo Financiero Galicia (
) is a leading private sector Argentine bank, in terms of its deposits and loan portfolio. Leveraging its leadership and branch expansion, it continues to benefit from a growing loan book.
US Focus Long
The U.S. market is in an Uptrend Under Pressure. After yesterday’s big upside reversal off support, indices remain under accumulation. Regaining and holding above resistance at the 50-DMA will increase our confidence in the market. For now, we continue to advise a selective approach to buying, with a focus on high relative strength stocks, as both the Nasdaq and S&P500 have an E A/D Rating.
European Focus Long
This week, the Stoxx 600 lost most of the gains realized as of Thursday. The index continues to trade 2.99% above its 50-DMA and 1.18% above its 200-DMA. It was down 0.01%, compared with the previous week’s 0.73% gain. Of the 17 European markets, 12 remain in a Confirmed Uptrend, including the Stoxx 600, and the rest are in a Rally Attempt.
