Software (IGV): The software benchmark closed flat for the week after staging a downside reversal on above average weekly
volume. The first level of support is at the 10-DMA ($100) followed by the rising 21-DMA ($96). Despite strong quantitative metrics,
look for the IGV to consolidate after a strong move over the last eight weeks. Key earnings – SNOW, PANW, INTU. This week
however, constituents with the best technical profile include BOX, CRM, EA, HUBS, NTNX, and TEAM. Nine of the 12 industry
groups showed improvement in Group Rank over the last four weeks, with Credit Card and Payments (#44, SQ) showing the
sharpest improvement, followed by Gaming (#80, TTWO). We recommend adding risk to ideas that are breaking out or forming the
right side of their bases with a rising RS line.
Author: Romeo Alvarez
Romeo Alvarez is a senior equity analyst at William O’Neil + Co., a registered investment advisor serving 400 top-performing institutional portfolio managers worldwide. The firm employs 150 associates in Los Angeles, New York, Boston, and London.
Based in the firm’s Los Angeles office, Mr. Alvarez is a senior equity analyst covering the Americas region and a member of the Global Focus List Committee, which approves all equity recommendations for developed, emerging, and frontier markets. Romeo also selects equity initiations to be covered in the Technology sector and regularly reports to clients on innovation and technology developments in Trend Watch.
Mr. Alvarez earned a B.S. in Business Economics from the University of California, Riverside, and an MBA with a focus in Finance from Loyola Marymount University, Los Angeles.
O’Neil Global Cryptocurrency Weekly
Dogecoin is the best performer year-to-date, gaining 300%.
LATAM Weekly Summary
Key points from this week’s report:
Please refer to the attached PDF for the full report.
- Brazil’s Bovespa index declined by 23bps last week and continues to trade below its 200-DMA. The index remains in a Downtrend. We recommend clients avoid adding risk in Brazilian equities.
- Mexico’s benchmark index gained 2.4% last week, with resistance at the 50-DMA (52,056). The index was shifted to a Rally Attempt. We recommend clients wait for a follow-through day to add risk in Mexican equities.
- The total number of Focus List stocks in the LATAM region remains at six. NU is reporting on Nov 13th, after the market close.
- Stocks of interest: Embraer On (EA3.BR; EMBR3 BZ), Jbs On (JBS.BR; JBSS3 BZ) and Indust Penoles (PA2.MX; PE&OLES*:MM).
O’Neil TMT Weekly
Software (IGV): The software benchmark jumped +9% on above average volume and remains at all-time highs. The first level of
support is at the rapidly rising 10-DMA ($95), followed by its 21-DMA ($93, -7%). Quantitative metrics are strong: Up/Down Volume
ratio remained above 1 and Acc/Dist Rating remained positive at 43, indicating strong accumulation. Multiple ideas–FTNT, FICO,
HUBS, and VEEV–jumped +10% after earnings, led by APP (+77%) and PLTR (+39%). The next group of ideas setting up includes
CRM, INTU, and PANW. Ten of the 12 industry groups showed improvement in Group Rank over the last four weeks, with Credit Card
and Payments (#49) showing the sharpest improvement, followed by Gaming (#76) and Spec Enterprises (#41). We recommend
investors add risk to ideas that are breaking out or forming the right side of their bases with a rising RS line. GOOGL
O’Neil Global Cryptocurrency Weekly
Commentary: We continue to have a positive view of the crypto market as GBTC continues to rally above the 200-DMA and forms a stagethree consolidation base with a pivot of $65.61. It is up 11% so far this week. The following are the stocks that screen well from the O’Neil lens
LATAM Weekly Summary
Key points from this week’s report:
Please refer to the attached PDF for the full report.
- Brazil’s Bovespa index declined 1.4% last week and breached support at the 200-DMA. The index was shifted to a Downtrend from an Uptrend Under Pressure. We recommend clients avoid adding risk in Brazilian equities.
- Mexico’s main index declined 2.2% last week and continues to trade below all key moving averages. The index remains in a Downtrend. We recommend clients avoid adding risk in Brazilian equities.
- Grupo Comercial Chedraui (CHD.MX; CHDRAUIB:MM) was removed from the Focus List, taking the total number of stocks on the LATAM region to six.
- Stocks of interest: Jbs (JBS.BR; JBSS3 BZ), Weg (WG3.BR; WEGE3 BZ), Marcopolo (RL4.BR; POMO4 BZ), Embraer (EA3.BR; EMBR3 BZ), Cury Construtora (CCE.BR; CURY3:BZ), Alfa (AFA.MX; ALFAA MM) and YPF (YPF.AR; YPFD AR).
O’Neil TMT Weekly
Software (IGV): The software benchmark was flat last week and has been trading in a tight range for the last four consecutive
weeks. The IGV is sitting on support at its 10- and 21-DMA ($92) followed by the next level of support at its rising 50-DMA which is 3%
lower. Quantitative metrics remained constructive: Up/Down Volume ratio remained above 1 and Acc/Dist Rating remained positive at
25, indicating accumulation. Despite a flat IGV for the week, couple of standout moves includes MSFT, which is trading below its 200-
DMA and is vulnerable after reporting weak Q2 revenue guidance. Conversely, select ideas gapped higher from deep bases post
results and could be the start of a new trend including TEAM, PCTY, and PAYC. Key earnings this week include DDOG, FTNT,
PLTR, SQ, and TOST. Stay patient while focusing on quality ideas holding trends or building the right side of base with improving RS
and Acc/Dist Ratings. TEAM
O’Neil Global Cryptocurrency Weekly
Commentary: We continue to have a positive view on the crypto market as GBTC holds above the 200-DMA with an RS Rating of 91. It is up
5% so far this week and is forming a stage-three consolidation base with a pivot of $65.61. The following are the stocks that screen well from
the O’Neil lens:
LATAM Weekly Summary
Key points from this week’s report:
Please refer to the attached PDF for the full report.
- Brazil’s Bovespa index declined 0.3% last week and is testing support at the 200-DMA. The index remains in an Uptrend Under Pressure. We recommend clients selectively add risk in Brazilian equities.
- Mexico’s main benchmark declined 2.3% last week and is trading 5% below the 200-DMA. The index was downgraded to a Downtrend. We recommend clients avoid adding risk in Mexico equities.
- The total number of LATAM Focus List stocks remains at seven. NU Holdings Ltd. (NU; NU:US) and BBB Foods Inc. (TBBB; TBBB:US) are actionable.
- Stocks of interest: Alfa (AFA.MX; ALFAA MM), Grupo Aeroportuario Del Pacifico (GAP.MX; GAPB MM), Marfrig (MFA.BR; MRFG3 BZ), Embraer (EA3.BR; EMBR3 BZ), Cencosud (CNS.CL; CENCOSUD CI) and YPF (YPF.AR; YPFD AR).
O’Neil TMT Weekly
Software (IGV): The software benchmark is trading in a three-week tight range and slightly above its pivot ($87). Support is at the
rising 21-DMA ($90). Quantitative metrics remain positive over the past week, with Up/Down Volume ratio above 1 and Acc/Dist Rating
of 30, indicating accumulation. Multiple key earnings – CDNS, MA, MSFT, PLTR, TEAM, VRNS, and V – this week however
constituents with the best technical profile include DDOG, TYL, and RBRK. Nine of 12 industry groups showed improvement in
Group Rank over the last four weeks, with Credit Card and Payments (#75) and Security (#110) showing the sharpest improvement,
followed by Database (#18) and Enterprise (#46). We recommend adding risk to ideas that are breaking out or forming the right side
of their bases with a rising RS line. TYL
