The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq traded relatively flat yesterday, consolidating sharp gains over
the last several sessions above near-term support at their respective 10- and 21-DMA (S&P 500: 3,822; Nasdaq: 13,469). The distribution
day count remained at five and two, respectively, with one day expiring on the Nasdaq at the close today.
Symbol: BPC.BR
Global Focus Emerging
The CSI 300 rallied 2.46% to retake its 21-DMA on average volume and remains in an Uptrend Under Pressure with six distribution days. Immediate resistance lies at the previous week’s high of 5,655 (+3.1%), and key support remains at the 50-DMA (5,245, -4.3%) if the 21-DMA fails.
Global Focus Emerging
The CSI 300 fell 3.91% on lower but still above average volume and was shifted to an Uptrend Under Pressure; the number of distribution days increased to six. The index made a new high at 5,656 on Monday but trended lower and breached its 21-DMA (5,466, +2.1%). It faces immediate support at the 50-DMA (5,193, -3.0%).
Global Focus Emerging
The CSI 300 rose 2.05% on lower but still above average volume and remains in a Confirmed Uptrend with five distribution days. The index trended higher throughout the week after last week’s pullback. It faces immediate resistance at highs of 5,645 (+1.3%).
Global Focus Emerging
The CSI 300 fell 0.68% on higher, above average volume. The market remains in a Confirmed Uptrend with the number of distribution days increasing to five. The index hit a new high of 5,645 Wednesday but pulled back the following two sessions. It faces resistance at the new high (5,645, +3.2%) and had support at the 21-DMA (5,244, -3.9%).
Global Focus Emerging
The CSI 300 rose 5.45% on significantly higher volume. The market remains in a Confirmed Uptrend with four distribution days. The index hit new highs for four consecutive sessions but closed with a loss on Friday. The index now faces resistance at new highs at 5,547 (+0.9%), with the next resistance at January 2008’s high of 5,730 (+4.3%).
Global Focus Emerging
The CSI 300 advanced 3.4% on slightly higher-than-average volume this holiday-shortened week. The market remains in a Confirmed Uptrend with five distribution days. The index broke above the previous high of 5,090 (-0.5%), with no clear resistance until June 2015’s high (5,380, +5.2%). We look for immediate support of the 21-DMA at ~5,012 (-3.8%), followed by the 50-DMA at 4,934 (-5.3%).
Global Focus Emerging
The CSI 300 ended flat on lower volume for the first four trading sessions this week. The market remains in a Confirmed Uptrend with the number of distribution days increasing to five. The index was trading above its 21-DMA (4,990, -0.2%) with immediate resistance at highs of 5,090 (+1.8%).
O’Neil Financial Sector Weekly
Over the last five sessions:
Leading: Insurance-Acc & Health, Finance-Consumer Loans, Insurance-Diversified, Finance-Invest Bnk/Bkrs, Banks-Money Center, and
Finance-CrdtCard/PmtPr.
Lagging: Insurance-Life, Finance-Commercial Loans, and Finance-Mrtg & Rel Svc.
LATAM Weekly Summary
Key points from this week’s report:
Please refer to the attached PDF for the full report.
- Brazil’s Bovespa benchmark rallied 2.5% last week, registering its seventh consecutive weekly gain. It added a third distribution day and is now hitting resistance near its prior all-time high of 119,528. Some profit-taking or consolidation can be expected.
- Mexico’s benchmark was up 0.6% last week as it hit resistance near its February 2020 highs. Despite adding a fifth distribution day last week, it remains in a Confirmed Uptrend for now.
- We added Banco BTG Pactual (BPC.BR; BPAC11:BZ) to the Focus List as the stock broke out of a 21-week, stage-one cup-with-handle. It remains actionable.
- Stocks of interest include Gerdau (GGB.BR; GGBR4:BZ), Locaweb (LSD.BR; LWSA3:BZ), Cyrela (3CY.BR; CYRE3:BZ), Duratex (SAT.BR; DTEX3:BZ), Grupo Aeroportuario del Sureste (AUS.MX; ASURB:MF), Grupo Bimbo (BI2.MX; BIMBOA:MF), and Telesites (TBO.MX; SITESB1:MF). Additional names are listed on page 3.
