The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq reversed off early session highs yesterday but managed to close mid-range. Both are now testing resistance near October 2018 highs and are likely set to consolidate sharp gains from this past week. Near-term support remains the rising 21-DMA (S&P 500: 2,819; Nasdaq: 7,684). Distribution fell to five days on each index, with another day set to expire on each at tomorrow’s close.
Author: Veera Manju
WON Europe Today
Yesterday,
- European markets closed higher for the third day in a row following renewed optimism surrounding the U.S.-China trade talks.
- The Stoxx 600 closed 0.92% higher, with all the sectors, except Health Care, in the green. Insurance, Technology, and Autos led the gains.
- Among major bourses, Germany’s DAX was up 1.72%, followed by France’s CAC 40 and the U.K.’s FTSE 100, which rose 0.72% and 0.37%, respectively. The volume across the markets was also higher, indicating a return of investor confidence.
- The only bourse to close in the red was Denmark.
- We upgraded Sweden to a Confirmed Uptrend after the market closed as the index reclaimed its previous high.
WON Europe Today
Yesterday,
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European markets closed in the green after a mixed start.
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The Stoxx 600 closed 0.35% higher, with most sectors in the green. Automobiles & Parts, Media, Banks, and Insurance led the gains, while Telecom lagged.
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Among major bourses, the U.K.’s FTSE 100 climbed 1.01%. Germany’s DAX registered gains of 0.61%, while France’s CAC 40 also closed 0.33% higher.
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The only countries to close in negative territory were Switzerland and Luxembourg.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq held Monday’s gap and continue to trend toward all-time highs. Near-term support remains at the 21-DMA. Distribution stands at six days on each index, with one day expiring on each at the close today.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq gapped up yesterday and closed positively at the highs of the session. The S&P 500 cleared above March 21’s intraday high of 2,860, while the Nasdaq still faces resistance at ~7,850. Both indices are trending higher off 21-DMA support with six distribution days each. Though this count remains elevated, four distribution days will expire over six days beginning tomorrow.
WON Europe Today
Yesterday,
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European markets closed higher, boosted by China’s positive manufacturing PMI data.
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The Stoxx 600 gained 1.21%, with China-sensitive Auto and Basic Resources leading the gains. Banks and Financials were also among the top gainers.
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Among the major bourses across Europe, Germany’s DAX led gains with a 1.34% upside, followed by France’s CAC 40 and the U.K.’s FTSE 100, which increased 1.03% and 0.52%, respectively.
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All seventeen bourses closed in the green.
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We upgraded Germany, Ireland, Portugal, Spain and Luxembourg to a Confirmed Uptrend after yesterday’s strong action in these markets.
WON Global View
The U.S. market remains in a Confirmed Uptrend.The S&P 500 and Nasdaq held their respective 21-DMA last week, consolidating gains. The 50-DMA is now moving above the 200-DMA and will act as another layer of support should the market pull back. There are currently six distribution days on each index, though four will expire within six sessions beginning Wednesday.
WON Europe Today
Friday,
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European markets were up on the back of better-than-expected German retail sales and the U.K. GDP.
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The pan-European Stoxx 600 closed with a gain of 0.59%, with almost all sectors in the green.
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Basic Resources and Autos were among the top gainers along with Technology and Retail.
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Among major markets, France’s CAC 40 led with 1.02% gains, followed by Germany’s DAX and the U.K.’s FTSE 100, which increased 0.86% and 0.62%, respectively.
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Finland, Norway, and Sweden closed in the red with distribution, and were exceptions to the general market mood.
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We upgraded the Stoxx600, the U.K., Switzerland, Austria, Belgium, and the Netherlands to a Confirmed Uptrend after these indices crossed 21-DMA. We also moved Luxembourg to a Rally Attempt after it kept above its recent lows for third consecutive day.
WON Europe Today
Yesterday, a majority of European markets closed in the negative while recording gains during the session as skepticism
surrounding Brexit offset positive developments in the U.S.‐China trade talks.
The Stoxx 600 was down 0.12% on lower volumes. The index is in an Uptrend Under Pressure with five distribution days.
- Among the key indices, the U.K.’s FTSE 100 and Germany’s DAX were up 0.56% and 0.08%, respectively, while France’s
CAC 40 declined slightly by 0.09%. The rise in the U.K. index was due to a decline in the pound value by 0.8% to $1.3086.
All the indices are in an Uptrend Under Pressure. - Swed Bank (SWED.SE; SWEDA: SS) plunged nearly 8% after its CEO was fired in the midst of a money laundering scandal.
WON Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq traded relatively flat yesterday in light volume, still holding above 21-DMA support. The 50-DMA is set to move above the 200-DMA for both indices in the coming days. Distribution remains at six days each, with four expiring over six sessions beginning next Wednesday.
