The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq staged downside reversals yesterday, closing slightly lower on the session. The S&P 500 picked up a distribution day, taking the count to three on both indices. Support remains the rising 21-DMA (S&P 500: 2,866; Nasdaq: 7,855).
Author: Veera Manju
WON Europe Today
Yesterday,
- European markets once again turned the tide later in the day and closed in the green, with the pan-European Stoxx 600 closing 0.10% higher. The upward move was supported by Autos and Media stocks, while Health Care continued to pare heavy losses.
- Among major bourses, France’s CAC 40 outperformed peers with 0.62% gains. Germany’s DAX continued its rise, climbing 0.43%, while the U.K.’s FTSE 100 was nearly flat with 0.02% .
- Denmark, Finland, Portugal, and Belgium were the only markets to close in the red. All of these markets had a distribution day.
WON Europe Today
Yesterday,
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European markets inched higher in the later sessions and closed with gains after investor confidence was boosted on the back of several U.S. earnings that beat expectations and economic sentiment in Germany improved.
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The Stoxx 600 closed 0.30% in the green. Financial Services, Insurance, and Travel & Leisure led the rally.
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Among major bourses, Germany’s DAX was up 0.67%, followed by the U.K.’s FTSE 100 and France’s CAC 40, up 0.44% and 0.36%, respectively. Volume also returned to the markets.
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The only countries that closed in negative territory were Denmark, Finland, Norway, and Portugal.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to inch higher, now trading ~1% off all-time highs. The major averages did pullback to flat during the final hour of trade but managed to close positive and avoid distribution. Overall action remains constructive as we enter earnings season.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq traded relatively flat yesterday, consolidating gains
constructively. Distribution remains low with two days on the S&P 500 and three on the Nasdaq. Support remains at the rising 21-DMA(S&P 500: 2,858; Nasdaq: 7,826).
WON Europe Today
Yesterday,
- European markets traded constructively, with the Stoxx 600 closing 0.13% higher. In the Stoxx 600, Telecom, Banks, and
Financial Services led the gains while Oil & Gas, Basic Resources, and Real Estate lagged. - Among major markets, Germany’s DAX closed 0.17% in the green, and France’s CAC 40 ended the day 0.11% higher. The
U.K.’s FTSE 100 was flat. - The only country to close in negative territory was Finland, which had a distribution day.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to trend higher, making new year-to-date highs on Friday. The distribution count has moderated to a reasonable level of just two days on the S&P 500 and three on the Nasdaq. The 50-DMA on both indices is now well above the 200-DMA, though we still view the 21-DMA (S&P 500: 2,854; Nasdaq: 7,810) as a key level of short-term support.
WON Europe Today
On Friday,
- The Stoxx 600 closed 0.09% higher, led by Health Care, Banks, and Auto.
- Among the major markets, Germany’s DAX led with 0.54% gains, followed by France’s CAC 40 and the U.K.’s FTSE 100, which were up 0.31% and 0.26%, respectively. The volume was higher across markets, indicating increased investor confidence.
- Of the 17 indices we cover, only Denmark, Switzerland, and the Netherlands closed in the red.
WON Europe Today
We released our European Weekly summary yesterday (please click here to access the report). 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 Caixabank (CABK.ES; CABK:SM) and Svenska Cellulosa Aktiebolaget Sca B (SW@G.SE; SCAB:SS).
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq traded relatively flat yesterday, avoiding distribution. Resistance remains at ~2,900 on the S&P 500 and ~8,000 on the Nasdaq before new all-time highs. Support along the 21-DMA (S&P 500: 2,849; Nasdaq: 7,794) continues to rise toward current prices.
