The U.S. market remains in a Confirmed Uptrend.The S&P 500 made a new closing high, while the Nasdaq closed above the June 20 intraday high of 8,088. Though neither index was able to close at highs, both managed to close mid-range on the session. We will be looking for each to consolidate gains and eventually trend higher. Should a pullback occur, we will be looking for the sharply rising 21-DMA to act as support. Distribution is unchanged at one day on the S&P 500 and two on the Nasdaq.
Author: Veera Manju
Won Europe Today
Yesterday, European markets finished trading in the green as trade-sensitive tech stocks gained after the U.S. and China agreed to resume trade talks. The lack of volume support for the rally indicates it can be temporary. As the fundamental problems in the trade war remain unresolved, the optimism can fade in the coming days. Germany’s DAX, France’s CAC 40, and the U.K.’s FTSE 100 were up 0.99%, 0.52%, and 0.97%, respectively, on lower volume.
- The Stoxx 600 was up 0.83%, with lower volume.
- Most major sectors performed well. Financial Services and Media were the biggest gainers.
- All countries closed in positive territory.
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are set to gap up this morning. We will be looking for each to close in the upper half of the day’s session and above resistance. Resistance is all-time highs on the S&P 500 at 2,964 (+0.7%), while resistance on the Nasdaq is the June 20 intraday high of 8,088 (+1%). The 21-DMA has risen above the 50-DMA on both indices and is now acting as our primary level of support. Distribution remains low at one day on the S&P 500 and two on the Nasdaq.
Won Europe Today
On Friday, most European markets closed in the green with good volume support on the back of positive progress in the U.S.–China trade talks. Germany was the biggest gainer on the back of movement in Deutsche Bank (DBKX.DE; DBK:GR)stocks. Germany’s DAX, France’s CAC 40, and the U.K.’s FTSE 100 were up 1.04%, 0.83%, and 0.31%, respectively, on higher volume.
- The Stoxx 600 closed with a 0.71% gain, on higher volume. Most major sectors performed well on Friday. Travel & Leisure and Chemicals were the biggest gainers.
- Norway was the only country that closed in negative territory.
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to consolidate above their respective 50-DMA, holding support, with a relatively low number of distribution days. The S&P 500 has one distribution day, while the Nasdaq has two.
Won Europe Today
We released our European Weekly summary yesterday (please click here to access the report).
Key points:
European markets: The market is in a Confirmed Uptrend with two distribution days. This week, we have added Elekta (ELKB.SE; EKTAB:SS) to the Focus List. The stock is breaking out of a nine-month consolidation, turning actionable. The Capital Equipments sector has shown strong performance. Ashtead (AHT.GB; AHT:LN), Kone (KNEBV.FI; KNEBV:FH), Stroeer (SAXX.DE; SAX:GR), and Spectris (SXS.GB; SXS:LN) in the sector are clearly actionable. Among Focus List names, THQ Nordic (THQ.SE; THQNB:SS), Soitec (SOI.FR; SOI:FP), Edenred (EDEN.FR; EDEN:FP), Elekta (ELKB.SE; EKTAB:SS), Puma (PUMX.DE; PUM:GR), Leonardo (LDO.IT; LDO:IM), and Airbus (AIRS.FR; AIR:FP) are actionable.
Won Global View
The U.S. market remains in a Confirmed Uptrend.Indices reversed off early session gains yesterday, with the S&P 500 closing slightly down and the Nasdaq slightly higher on the session. Despite weak technical action, both remain above moving average support. Distribution was left unchanged at one day on the S&P 500 and two on the Nasdaq.
Won Europe Today
Yesterday,
- European markets closed mixed ahead of the much anticipated trade talks between the U.S. and China in the G20 summit.
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The Stoxx 600 was down by 0.31%. Sectors including Travel & Leisure, Technology, and Automobiles & Parts were the top performers, while Real Estate, Health Care, and Utilities dragged down the index.
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Among other major indices, Germany’s DAX was up 0.14% on higher volume, while France’s CAC and the U.K.’s FTSE were down 0.25% and 0.08%, respectively, on higher volume.
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Germany, Ireland, Finland, Norway, Austria, Portugal, and Luxembourg closed in positive territory.
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back for a third straight session, closing at the lows of the session. The S&P 500 is now testing its 10-DMA, while the Nasdaq is testing its 50-DMA. Both indices picked up distribution, taking the count to one day on the S&P 500 and two on the Nasdaq. We will be looking for the 21-DMA to hold on both indices should the pullback persist.
Won Europe Today
Yesterday,
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European markets closed in the red amid rising geopolitical tensions as the U.S. President Donald Trump imposed hard-hitting new sanctions on Iran.
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The Stoxx 600 was down by 0.10%. Travel & Leisure, Technology, and Automobiles & Parts were the top performers while Retail, Banks, and Oil & Gas dragged down the index.
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Among other major indices, Germany’s DAX and France’s CAC were down by 0.38% and 0.13%, on lower volume, while the U.K.’s FTSE was up by 0.08%.
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The markets of the U.K., Denmark, Ireland, Finland, and Luxembourg closed in positive territory.
