Yesterday,
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq closed relatively flat yesterday after rallying off session lows during the final hour of trade. Distribution fell to three and four days, respectively, with further expiration on both indices at the end of next week. Overall action is constructive as all major averages continue to close within tight trading ranges while remaining above multiple moving average support levels.
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to consolidate, trading slightly higher yesterday after pulling back the last few sessions. Distribution remains at four days on the S&P 500 and five on the Nasdaq, with one day expiring on each at the close today. Support remains the rising 21- and 50-DMA on both indices.
Yesterday,
Yesterday, most European markets closed in the red despite a surge in the Oil & Gas index (following attacks on a Saudi Arabia oil field), after the European Union acknowledged the possibility of U.S. tariffs that affect current aircraft subsidies. Luxury goods exporters and Airbus were hit the most after the news. France’s CAC, Germany’s DAX, and the U.K.’s FTSE 100 were down 0.94%, 0.71%, and 0.63%, respectively, all on lower volume.
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back for a second straight day, as both continue to consolidate gains. The S&P 500 added a fourth distribution day, while the count on the Nasdaq remained unchanged at five. One day will expire on both at the close tomorrow. Meanwhile, the Russell 2000 rose for a sixth straight session and is now testing resistance near July highs. Overall action remains constructive as all major indices are trading above 21- and 50-DMA support.
The U.S. market remains in a Confirmed Uptrend. The S&P 500 is now testing resistance at all-time highs, while the Nasdaq is trading ~2% below that level. Distribution went unchanged last week at three and five days, respectively, with one expiring on each index on Wednesday. We will be looking for a breakout into new highs in the coming days, however, to remain constructive on a potential pullback, we will be looking for the major averages to hold above their respective 21- and/or 50-DMA while avoiding any significant pickup in distribution. The 21-DMA is set to cross above the 50-DMA on both indices this week.
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq rallied for a second straight session, continuing to push toward new highs. Both, along with the Russell 2000, are set to test resistance at July highs and may consolidate gains around current levels. To remain constructive, we will be looking for the indices to break into new highs or consolidate in sideways fashion while avoiding distribution.
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 Iss (ISS.DK; ISS:DC); Evotec (EVTX.DE; EVT:GR).
