Australia’s ASX All-Ordinaries Index ended the week flat. The index is trading 4.91% above its 40-WMA and at a 52-week high. It is in a Confirmed Uptrend.
Symbol: FRM.IL
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index gained 1.32% this week. The index is trading 4.86% above its 40-WMA at a 52-week high. It is in a Confirmed Uptrend.
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index gained 0.16% this week. The index is trading 3.99% above its 40-WMA at a 52-week high. It is in a Confirmed Uptrend.
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index gained 0.03% this week. It added one distribution day, increasing the total to four. The index is trading 3.5% above its 40-WMA and 1% off its 52-week high. It remains in a Confirmed Uptrend.
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index gained 0.2% this week. The index is trading 3.6% above its 40-WMA and 1% off its 52-week high. It is in a Confirmed Uptrend.
Global Consumer Staples Sector
U.S. Consumer Staples Sector
Short-term momentum of the long-term lagging U.S. Staples sector (YTD: +6.8% versus +16.2% for the S&P 500) has improved in the last four weeks (+3.3% versus +1.1% for the S&P 500). Improving momentum has been driven by: 1. a better-than-expected Q3 earnings season, 2. the sector’s defensive profile as risk appetite fades, and 3. a re-rating following long-term underperformance. We recently highlighted that “the relationship between the best and worst sectors, Tech and Consumer Staple, is starting to near a historic extreme.” The sector (WS005) retook its 50-DMA last month but remains below its 200- DMA and is finding resistance at its downward trend line. Overall we remain cautious on Staples until we see the sector breaking through key resistances.
Market View
Market Overview
The U.S. market is in a Confirmed Uptrend. The major averages continue to push into new highs with healthy action across leading ideas. Distribution stands at five days on both the S&P 500 and Nasdaq, with multiple days set to expire next week. We maintain our positive view on the general market.
Stocks on our U.S. Focus List—Current Sentiment
By Sector
Technology ideas on the U.S Focus List continue to outperform. Ten Technology ideas, including EXTR, GRUB, OLED, MB, PAYC, and CY, gained more than 3% week-over-week. Retail ideas were also under accumulation with AMZN, BABA, HD, and OLLI all moving back into new highs. Though all sectors moved higher, Financial ideas on our Focus List traded mostly sideways. MS, SIVB, and WAL are all consolidating constructively, while FRC remains under pressure.
New Ideas or Deletions
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index gained 0.4% this week. The index is trading 3.9% above its 40-WMA and 1% off its 52-week high. It is in a Confirmed Uptrend.
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index fell 1.1% this week. The index is trading 3.2% above its 40-WMA and 2% off its 52-week high. It is in a Confirmed Uptrend.
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index increased 1.20% this week. The index is trading 5.0% above its 40-WMA and is at 52-week highs. It is in a Confirmed Uptrend.
