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.
