European Weekly Summary

Key points from this week’s report:

Please refer to the attached PDF for the full report.

 

  • The Stoxx 600 gained ~2.9% last week and reclaimed its prior rally high, breaking out to new all-time highs and decisively clearing the ~560 resistance level that had been tested multiple times in recent months. As a result, the index’s status was shifted back to a Confirmed Uptrend. Distribution has also improved; the current count stands at two, as two days aged out during the week.
  • Along with the Stoxx 600, France, the U.K., Sweden, Switzerland, Portugal, Spain, and Belgium were all upgraded to a Confirmed Uptrend, while Denmark was shifted to a Rally Attempt from a Downtrend. Among the 16 indices we cover, nine are in a Confirmed Uptrend, four in a Rally Attempt, and three in an Uptrend Under Pressure. The average distribution now stands at ~2.3, improving from ~4.8 in the prior week.

European Weekly Summary

Key points from this week’s report:

Please refer to the attached PDF for the full report.

 

  • The Stoxx 600 edged up ~6 bps last week, trading sideways and facing resistance at the 50-DMA, with support at the 200-DMA (~-2%). The index remains in an Uptrend Under Pressure with four distribution days.

O’Neil Consumer/Retail Weekly

Consumer Staples (XLP): The index declined 1.8% last week. It rolled over after hitting resistance at its 200-DMA and broke below its
recent lows. It is trading below all its key moving averages and is 7% off highs. Support is at $75.8 (-3.3%), followed by its 52-week low of
$75.6 (-3.7%).

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% last week, trading sideways and testing support at its 50-DMA. The index remains in an Uptrend Under Pressure with four distribution days, after adding one during the week. Denmark and the Netherlands were upgraded to Confirmed Uptrend, while Austria moved to Rally Attempt. Ireland and Belgium were downgraded to Downtrend.

O’Neil Consumer/Retail Weekly

Consumer Staples (XLP): The index declined 1.7% last week and continued to face stiff resistance at its 200-DMA. It is trading below all its key moving averages. Immediate resistance is at its declining 10-DMA, which has crossed below all its long-term moving averages. Support is at $79.3 (-0.6%), followed by ~$77 (-3%).

European Weekly Summary

Key points from this week’s report:

Please refer to the attached PDF for the full report.

 

  • The Stoxx 600 gained ~1% last week, rebounding off its 50-DMA and reclaiming short-term moving averages. It is now trading slightly above the 21-DMA, which serves as the immediate support level, followed by the 50-DMA (-1%). The index remains in an Uptrend Under Pressure with three distribution days.

European Weekly Summary

Key points from this week’s report:

Please refer to the attached PDF for the full report.

 

  • The Stoxx 600 fell ~15 bps last week, marking its second consecutive weekly decline. The index added one distribution day, bringing the total to three. It closed just above its 50-DMA after briefly breaching it mid-week. The market status was shifted to Uptrend Under Pressure. Immediate support lies at the 50-DMA (-0.3%) and then the 100-DMA (-1%).
  • Eight markets were downgraded last week—including the U.K., Denmark, Finland, Sweden, Italy, Spain, Belgium, and the Stoxx 600 itself—to Uptrend Under Pressure from Confirmed Uptrend. Portugal was downgraded to a Downtrend. Average distribution rose to 3.8, from 2.8 the prior week and 1.2 two weeks earlier.

O’Neil Consumer/Retail Weekly

Consumer Staples (XLP): The index declined 0.5% this week and broke below its 200-DMA. It is trading below all key moving averages and facing stiff resistance at the 200-DMA. Next resistance is at its declining 21-DMA (+0.9%). Support: Near $80 (-1%), followed by ~$79.7 (-1.2%).

European Weekly Summary

Key points from this week’s report:

Please refer to the attached PDF for the full report.

 

  • The Stoxx 600 remains in a Confirmed Uptrend, but cracks are starting to appear. Regional indexes have picked up distribution days, while overall market breadth has deteriorated sharply, with fewer breakouts and weaker T2121 (12-week new high/new low ratio) readings—signaling growing fragility in the rally.