Yesterday,
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back yesterday, picking up a second and third distribution day, respectively. Despite the pullback, the overall trend higher remains intact with both indices continuing to hold above their respective 10- and 21-DMA.
Yesterday,
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to act well, trading above all major moving average support levels with a low number of distribution days. Near-term support remains the rising 10- and 21-DMA and distribution still stands at one day on the S&P 500 and two on the Nasdaq.
We released our European Weekly summary on Friday. (Please click here to access the report).
Yesterday,
European markets closed in the red after strong U.S. jobs data put the possibility of an interest rate cut in jeopardy. Moreover, poor economic data from Germany further dragged down the markets.
The Stoxx 600 was down 0.72%. Construction & Materials, Semi-Conductors, and Financial Services were the poor performers while Banks, Food & Pharma retailers, and Tobacco led the gains.
Among other major indices, Germany’s DAX was down by 0.49% on higher volume due to weak manufacturing orders across all sectors in the country. France’s CAC 40 and the U.K.’s FTSE were down by 0.48% and 0.66%, respectively, on higher volume.
None of the European indices we cover closed in positive territory .
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq gapped up and closed at session highs Wednesday. The S&P 500 is trading at a new all-time high, while the Nasdaq is now testing all-time high resistance at 8,176. Support at the 10- and 21-DMA continues to rise toward current prices. Distribution remains low with one day on the S&P 500 and two on the Nasdaq.
Yesterday, most European markets closed in the green, continuing optimism for the week. This was on the back of expectations the European Central Bank would continue with dovish policies and relief in Italian market having avoided disciplinary action from the European Union. Trading volume was low as the U.S. markets were closed for Independence Day. Germany’s DAX and France’s CAC 40 were up 0.11% and 0.03%, respectively, on lower volume. The U.K.’s FTSE 100 lost 0.08%, on lower volume.
Yesterday, European markets closed in the green after the European Union nominated the current head of the International Monetary Fund Christine Lagarde to take over as the President of the European Central Bank from Mario Draghi. Italian shares surged 2% after avoiding an EU sanction threat. Germany’s DAX and the U.K.’s FTSE 100 were up 0.71% and 0.66%, respectively, on higher volume. France’s CAC 40 gained 0.75%, on lower volume.
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq consolidated Monday’s gains constructively, trading relatively flat and avoiding distribution. Support remains the rising 10- and 21-DMA.
We released our weekly Global Laggards report yesterday (please click here to access the report). The stocks highlighted in this report are laggards relative to their own domestic markets. We recommend that they be underweighted as they may be vulnerable to further downside risk and underperformance. European names highlighted this week include Iss (ISS.DK; ISS:DC), Bic (BIC.FR; BB:FP), Morphosys(Xet) (MORX.DE; MOR:GR), Cineworld Group (CINE.GB; CINE:LN), and Reckitt Benckiser Group (RB.GB; RB/LN).
