Author: Veera Manju

WON Europe Today

Posted on by Veera Manju

We released our weekly Global Laggards report yesterday (please click here to access the report).

Yesterday,

  • Markets continued to suffer from escalating tensions between the U.S. and China. All of the 17 indices we cover closed in the red with major bourses recording distribution.

  • The Stoxx 600 recorded distribution and closed 1.80% lower, falling the most this year. All sectors closed in the red with Autos losing 2.86%. Banks, Technology, and Chemicals lost more than 2%.

  • We downgraded the Stoxx 600 to an Uptrend Under Pressure as the index breached its 50-DMA.

  • France’s CAC 40 lost the most with a 1.93% decline. Germany’s DAX fell 1.69% and the U.K.’s FTSE 100 slid 0.87%. While all the indices recorded distribution, France breached its 50-DMA.

  • We downgraded France, the Stoxx 600, Denmark, Ireland, Sweden, and the Netherlands to an Uptrend Under Pressure, and Belgium to a Downtrend.

WON Global View

Posted on by Veera Manju

The U.S. market is in an Uptrend Under Pressure. The S&P 500 and Nasdaq staged upside reversals yesterday, undercutting 50-DMA support before rallying to close above that level and near the highs of the session. Despite the reversal, both indices recorded a distribution day, taking the count to four days on the S&P 500 and five on the Nasdaq.

WON Europe Today

Posted on by Veera Manju

Yesterday,

 

  • European markets recovered a little after the White House spokesperson Sarah Sanders said that China has indicated it wants to make a trade deal.

 

    • The Stoxx 600 closed 0.22% higher, with Technology, Health Care, and Media leading the recovery.

    • Germany’s DAX again led the gains among major indices, closing 0.72% higher. France’s CAC 40 closed 0.40% in the green and the U.K.’s FTSE 100 was up 0.15%.Volume remained subdued throughout as markets cautiously watch the developments around the trade deal.

 

  • Of the 16 country bourses we cover, Ireland, Finland, Norway, Austria, Italy, Portugal, Spain, and Belgium closed in the red.

  • We downgraded Spain to an Uptrend Under Pressure after it breached support at the 50-DMA.

 

 

WON Global View

Posted on by Veera Manju

The U.S. market is in an Uptrend Under Pressure. The S&P 500 and Nasdaq closed relatively flat yesterday, reversing off session highs during the final hour of trade. Both held 50-DMA support, but were unable to bounce in convincing fashion. Distribution remained at three days on the S&P 500 and four on the Nasdaq, with one day expiring on the Nasdaq next Tuesday. We will be looking for a strong move higher that closes near the highs of the session and back above the 21-DMA before shifting the market back into a Confirmed Uptrend.

WON Europe Today

Posted on by Veera Manju

Yesterday,

  • European markets continued to suffer under the weight of increasing trade tensions between the U.S. and China.

  • The Stoxx 600 closed 1.35% lower, adding a distribution day and dragged by Banks, Oil & Gas, and Chemicals. The only sector to close in the green was Utilities and the only country was Denmark.

  • Among the major bourses, Germany’s DAX lost 1.58%, France’s CAC 40 lost 1.60%, and the U.K.’s FTSE 100 lost 1.63%, on volume higher than the previous day, thus recording a distribution day each.

  • We downgraded the U.K., Austria, Italy, Portugal, Belgium to an Uptrend Under Pressure after they breached key support levels. We also moved Finland, Norway, and Luxembourg to a Downtrend after they breached prior lows.

WON Global View

Posted on by Veera Manju

The U.S. market has been moved to an Uptrend Under Pressure. The S&P 500 and Nasdaq closed below their respective 21-DMA, each picking up an additional distribution day. The total count has increased to three days on the S&P 500 and four on the Nasdaq. Though the overall count is not elevated, there have now been three distribution days in the last six sessions on the Nasdaq. We will be looking for both indices to hold support at their respective 50-DMA today (S&P 500: 2,857; Nasdaq: 7,822).

WON Europe Today

Posted on by Veera Manju

Yesterday,

  • European markets reacted to the worsening situation surrounding the U.S.-China trade talks and closed in the red.

  • The pan-European  Stoxx 600 closed 0.89% lower, with distribution across markets and sectors.

  • Germany’s DAX and France’s CAC 40 closed 1.01% and 1.18% in the red, respectively, with higher volumes, recording a distribution day. The U.K.’s FTSE 100 was closed yesterday.

  • All 17 indices were trading in negative territory.

WON Global View

Posted on by Veera Manju

The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq were able to close off session lows and above their respective rising 21-DMA (S&P 500: 2,911; Nasdaq: 8,023). Distribution rose to two days on the S&P 500, while the Nasdaq avoided distribution and remained at three days.

WON Europe Today

Posted on by Veera Manju

On Friday, most European markets closed in the green on the back of strong U.S. jobs data and better-than-expected Q1 earnings for Adidas and HSBC. Germany’s DAX was up 0.55% on lower volume. The U.K.’s FTSE 100 and France’s CAC 40 also rose 0.40% and 0.18%, respectively, on lower volume.

  • The Stoxx 600 closed 0.40% higher, on lower volume.
  • Sectors that performed well include Media and Financial services, while U.K. Banks and Travel & Leisure were the biggest losers.
  • The countries that were in negative territory include Denmark, Ireland, Switzerland, Austria, Portugal, Spain, Belgium, and Luxembourg.
  • Denmark added one distribution day after losing 0.93% on higher volume, taking the total to five.

 

 

WON Global View

Posted on by Veera Manju

The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq are set to reverse Friday’s strong session this morning. To remain constructive, we will be looking for each to close above their respective 21-DMA (S&P 500: 2,908 (-1.3%); Nasdaq: 8,013 (-1.8%)). Should indices close off highs and near session lows, we believe the next major level of support will be the 50-DMA (S&P 500: 2,852 (-3.3%); Nasdaq: 7,802 (-4.7%)). Though overall distribution remains low, the Nasdaq has picked up two distribution days in the last four sessions.