The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq traded relatively flat yesterday, consolidating gains constructively. Support at the 21-DMA (S&P 500: 2,889; Nasdaq: 7,843) continues to rise toward current prices. The S&P 500 has yet to record a distribution day since the June 7 follow-through, while the Nasdaq count remains at one.
Yesterday, major European markets except the U.K. closed in the red, with most sectors losing, but lacked volume support. Weak economic data from Germany and poor performance of the Auto sector following a profit warning from Daimler (DAIX.DE; DAI:GR) were the major factors contributing to the negative movement in market. The U.K. closed in the green on the back of gains in the Health Care sector as well as weakness in the pound. Germany’s DAX and France’s CAC were down 0.53% and 0.12%, respectively, on lower volume. The U.K.’s FTSE 100 was up 0.12% on lower volume.
The U.S. market remains in a Confirmed Uptrend. The S&P 500 made a new all-time high last week, while the Nasdaq regained its 50-DMA and is now trading less than 2% off all-time highs. The 21-DMA on both indices is set to cross above the 50-DMA and will take over as our primary level of near-term support this week. The Nasdaq did pick up its first distribution day on Friday due to quadruple witching, though the S&P 500 count remains at zero.
On Friday, majority of European markets closed on a lower note in the midst of political unrest between the U.S. and Iran. Among sectors, Technology, Travel and Leisure, and Automobile were the best performers, while Health Care lagged.
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq are now testing resistance near all-time highs following a fourth straight session of gains. The 21-DMA is beginning to move back above the 50-DMA and will take over as our primary level of near-term support in the coming days. The distribution day count remains at zero.
We released our European Weekly summary yesterday (please click here to access the report).
Key points:
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq rallied into the close and tacked on incremental gains after gapping up on Tuesday. Support is at the 50-DMA for both indices. The next level of resistance is all-time highs on the S&P 500 and ~8,000 on the Nasdaq.
Yesterday,
European markets closed marginally lower, ahead of the much anticipated U.S. Federal Reserve decision on interest rates.
The Stoxx 600 was down 0.10%, in contrast with the previous day’s gain. The index is trading above the 50-DMA and remains in a Confirmed Uptrend.
Among other major indices, the U.K.’s FTSE and Germany’s DAX were down by 0.53% and 0.19%, respectively, while France’s CAC 40 rose 0.16%, on lower volumes.
Banks and Automotive sectors were the leading performers while Basic Resources, Media and Travel & Leisure dragged the index down.
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq gapped up yesterday, clearing above last week’s highs. Positively, the Nasdaq was able to regain its 50-DMA, which will now act as a primary level of near-term support. The next level of resistance is all-time highs on the S&P 500 and ~8,000 on the Nasdaq.
Yesterday,
