European Weekly Summary

Key points from this week’s report:

Please refer to the attached PDF for the full report.

 

  • The Stoxx 600 fell ~1.3% last week, breaking below its 21-DMA but finding support at the 50-DMA. The index was downgraded to an Uptrend Under Pressure as distribution days rose to seven, with three added during the week. Alongside the Stoxx 600, Sweden, Portugal, and the Netherlands were also shifted to Uptrend Under Pressure, while France was downgraded to a Downtrend. Ireland was upgraded to Confirmed Uptrend from a Rally Attempt. Of the 16 indices we track, 4 are now in Confirmed Uptrend, 2 in Rally Attempt, 7 in Uptrend Under Pressure, and 3 in Downtrend. The average number of distribution days increased to ~4.6 from ~3.8 in the prior week.

O’Neil Consumer/Retail Weekly

Consumer Staples (XLP): The index declined 3.1% last week. It failed to hold above its 21-DMA and fell below its six-month low. It is trading below all key moving averages. Support is near $71 (-7%). 

 

Best-performing IGs: Cosmetics/Personal care is the only group with a group Rank below 100 (#89). Beverages-Non-Alcoholic was the industry group with maximum improvement in Rank over the last four weeks, with Rank improving by 29 spots to #151. 

European Weekly Summary

Key points from this week’s report:

Please refer to the attached PDF for the full report.

 

  • The Stoxx 600 was down ~0.5% last week, pulling back from its all-time high to its 21-DMA. The index remains in a Confirmed Uptrend and has four distribution days. It is testing support at the 21-DMA, with stronger support at the 50-DMA (-2%).
  • Last week, Denmark and Norway were downgraded to a Downtrend, while Switzerland and Belgium were shifted to an Uptrend Under Pressure. Among the 16 indices we cover, eight are in a Confirmed Uptrend, three in a Rally Attempt, three in an Uptrend Under Pressure, and two in a Downtrend. The average number of distribution days increased to ~3.8, up from ~3.0 in the prior week.

O’Neil Consumer/Retail Weekly

Consumer Staples (XLP): The index declined 1.4% last week. It rolled over after facing stiff resistance at its declining 50-DMA and broke below its 21-DMA. It is trading below all key moving averages. Support is near $77 (-2%).

 

Best-performing IGs: Cosmetics/Personal care is the only group with a group Rank below 100 (#79). Beverages-Non-Alcoholic was the Industry group with maximum improvement in Rank over the last four weeks, with Rank improving by 28 spots to #158.

European Weekly Summary

Key points from this week’s report:

Please refer to the attached PDF for the full report.

 

  • The Stoxx 600 advanced ~1.7% last week, rebounding from support at its 21-DMA to reach new 52-week highs. The index remains in a Confirmed Uptrend with three distribution days. Key support levels are at the 21-DMA (-1%) and 50-DMA (-2%). The U.K. was upgraded to Confirmed Uptrend from Uptrend Under Pressure, while Denmark also moved to Confirmed Uptrend from Rally Attempt. Norway and Austria were both upgraded to Rally Attempt from Downtrend. Among the 16 indices we track, 11 are now in Confirmed Uptrend, four in Rally Attempt, and Italy remains Under Pressure. The average number of distribution days declined to ~3.0 from ~3.6 the prior week.

O’Neil Consumer/Retail Weekly

Consumer Staples (XLP): The index rose 0.2% last week. It is facing stiff resistance at its declining 50-DMA. Next resistance is at its 200-DMA (+1%). Support is at its 21-DMA (-1%).

Best-performing IGs: Cosmetics/Personal care is the only industry group, with Group Rank below 100 (#83). It is the best performing group over the last four weeks, with the Group Rank improving by 35 spots to 83. Food-Grain & Related and Food-Packaged were the other groups with Group Rank improvement of 13 and 6 spots, respectively.

European Weekly Summary

Key points from this week’s report:

Please refer to the attached PDF for the full report.

 

  • Index Overview: The Stoxx 600 advanced ~0.5% last week after successfully testing support at its 21-DMA. The index remains in a Confirmed Uptrend with four distribution days, two of which were added during the week. It continues to hold above the 21-DMA, with next support at the 50-DMA (-1%).

European Weekly Summary

Key points from this week’s report:

Please refer to the attached PDF for the full report.

 

  • Index and status. European indices pulled back to first logical support. To stay constructive, we want these levels to hold without a cluster of distribution days. The Stoxx 600 fell ~1.2%, retesting its 21-DMA after printing a new 52-week high mid-week. The index remains in a Confirmed Uptrend with two distribution days; support sits at the 21-DMA, then the 50-DMA (~1% lower).

European Weekly Summary

Key points from this week’s report:

Please refer to the attached PDF for the full report.

 

  • Index and status. European indices pulled back to first logical support. To stay constructive, we want these levels to hold without a cluster of distribution days. The Stoxx 600 fell ~1.2%, retesting its 21-DMA after printing a new 52-week high mid-week. The index remains in a Confirmed Uptrend with two distribution days; support sits at the 21-DMA, then the 50-DMA (~1% lower).