The CSI 300 fell 2.34% on lower and below average volume this week. The market was shifted to an Uptrend Under Pressure Wednesday with the number of distribution days decreasing to five. The index breached below the 50-DMA (5,140, +0.7%) on much higher volume, with immediate support at its 200- DMA (~5,060, -0.8%). Resistance lies at the converging 21-DMA and 100- DMA (~5,240, 2.7%) followed by May’s high at ~5,380 (+5.4%).
Symbol: EMP.TW
Global Focus Emerging
The CSI 300 fell 1.09% on slightly lower and below-average volume this week. The market remains in a Confirmed Uptrend with six distribution days. The index was trading around its 100-DMA this week and breached below its 100-DMA and the rising 21-DMA (~5,250, +0.5%) on much higher volume Friday. Next support is at the 50-DMA (~5,140, -1.6%) and next resistance is at May highs of ~5,380 (+3%).
Global Focus Emerging
The CSI 300 fell 0.73% on lower and below-average volume this week. The market remains in a Confirmed Uptrend with six distribution days. The index managed to trade above its 100-DMA (~5,260, -0.4%). Next support is at the 21-DMA (~5,190, -1.75%). The index will face strong resistance as it attempts to test all-time highs of 5,930 (+12%) in February.
Global Focus Emerging
The CSI 300 rose 3.64% on higher and above average volume this week. The market was shifted to a Confirmed Uptrend Tuesday with the number of distribution days rising to 6. The index broke above two-month resistance at its 100-DMA (~5,250, -1.6%) with no clear resistance until January’s consolidation are at 5,300–5,600. Next support lies at the 21-DMA (5,145, -3.3%).
Global Focus Emerging
The CSI 300 rose 0.46% on lower and less-than-average volume this week. The market remains in an Uptrend Under Pressure with the number of distribution days rising to five. The index remained above the 50-DMA (5,067, -1.3%) and 21-DMA (5,098, -0.7%), and is facing strong resistance at its 100-DMA (5,235, +2.0%)
Global Focus Emerging
The CSI 300 rose 2.29% on higher but below-average volume this week. The market was shifted to an Uptrend Under Pressure Tuesday with the number of distribution days rising to four. The index traded around its 200-DMA (5,000, -2.2%) but retook its 21-DMA (5,055, -1.1%) and 50-DMA (5,080, -0.6%) Friday on much higher volume, with next resistance at the 100-DMA (5,226, +2.3%).
Global Focus Emerging
The CSI 300 fell 2.49% on higher volume this week. The market remains in a Confirmed Uptrend with the number of distribution days rising to three. The index fell below its 21-DMA (5,070, +0.2%) and is testing support at its 200-DMA (4,993, -0.1%), with next support at ~4,900 (-1.9%). Immediate resistance lies at its 21- DMA (5,062, +1.3%) and the declining 50-DMA (5,120, +2.5%).
O’Neil TMT Weekly
Software ( IGV ): Index pulled back last week, despite forming a cup-with-handle consolidation. Pivot remains
at $373 with RS of 46 and A/D Rating of D-. Although earnings results were generally positive a handful of
constituents ( MSFT, NOW, CDNS ) pulled back or declined below key technical levels. Action is mixed,
however, the majority of software stocks are still building the right side of bases.
Semiconductors ( SOXX ): The semiconductor benchmark is testing support at its 50-DMA ($422) for the
second time in two weeks. The RS line has been sloping down since early April, it has a poor A/D Rating of D+
and Up/Down Volume Ratio of 0.8, indicating selling pressure. The action remains choppy despite better-thanexpected results from leading companies such as AAPL, Samsung, ASML, AMD, QCOM, and WDC. Hence,
we recommend a selective approach and to only accumulate at proper buy points. On our Focus List, LRCX,
ENTG, NVDA, and Realtek ( RES.TW ) are actionable, while AAPL, NVMI, Accton (ACC.TW), and Parade
Technologies ( PDE.TW ) are approaching their respective buy points.
Communication Services ( XLC ): The index closed at a new high after briefly testing support along its 21-
DMA ( $76.4; -3% ). RS line is now gradually trending upward. Decent RS Rating of 63 and A/D Rating of B.
Among major constituents, GOOGL and FB gapped up after strong Q1 results, NFLX is attempting to reclaim
its 200-DMA, while CHTR, T, TMUS, and CMCSA are approaching the pivot of their respective bases.
Global Focus Emerging
The CSI 300 fell 0.23% on slightly higher but below-average volume this week. The market remains in a Confirmed Uptrend with the number of distribution days rising to two. The index trended upward and challenged resistance at its 50- DMA (~5,146, +0.4%), with next resistance at its 100-DMA (5,223, +1.9%). Immediate support lies at the 21-DMA (5,072, -1.0%).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq traded in a narrow range on the session, near resistance
at all-time highs but above support at their respective rising 10- and 21-DMA. The distribution day count stands at three on each index
after one day expired on the Nasdaq.
