China’s CSI 300 index (
) slumped 2.71% over last week. Te market remains in a Downtrend. Te index is trading 22% off its 52-week high. We view stiff resistance at the 200-DMA (~3,960). We recommend a conservative approach for any fresh additions.
Author: Ramesh R
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 beneft from a growing loan book.
US Focus Long
The U.S. market is in a Rally Attempt within a Downtrend. We are now looking for a followthrough day before shifting the market into a Confirmed Uptrend or, conversely, an undercut of Monday’s lows (S&P 500: 2,553; Nasdaq: 6,805) before shifting the market back into a Downtrend. The majority of U.S. Focus List ideas are still holding support, but few are actionable at current levels. We continue to recommend a patient approach, waiting for the follow-through day and waiting for ideas to firm and present better, more risk-optimal entry points. We maintain our cautious stance on the general market.
European Focus Long
Markets in Europe continued to move higher on Thursday following two consecutive days of decline for the Stoxx 600. As of Thursday’s close, the index was up 4.15% on a weekly basis, compared with 1.38% over the prior week. The recent positive sentiment is led by the Health Care, Energy, Staples, and Retail sectors.
Global Focus Developed Long
Australia’s ASX All Ordinaries Index increased 0.31% this week. The index is trading 1.17% below its 40-WMA and is currently in a Downtrend.
Global Focus Emerging Long
Mainland China’s markets closed lower through Wednesday. Both the Shenzhen and the Shanghai closed with a loss of 1.2% each. The market continues to be in an Uptrend Under Pressure. The Shanghai closed 5.5% below its 200-DMA (~3,313), while the Shenzhen closed 4.0% below its 200-DMA (~1,908). The 100- DMA (~1,885) continues to act as a strong resistance level for the Shenzhen. We recommend a cautious approach for any fresh additions.
