Australia’s ASX All-Ordinaries Index declined 0.81% this week. It breached its 50-DMA and is currently trading 4% below its 52-week high. Two distribution days were added this week, increasing the total to six. The index remains Under Pressure.
Symbol: FRM.IL
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index declined 0.30% this week. It is trading 0.04% above its 50-DMA and 3% below 52-week highs. One distribution day was added this week, increasing the total to four. The index remains Under Pressure.
Market View
The U.S. market remains in an Uptrend Under Pressure. Distribution on the Nasdaq remains elevated at seven days. The index still has an A/D Rating of E and price continues to hit resistance around its 50-DMA and a newly formed downward trending channel line. Additionally, the U.S. Focus List count has fallen from 68 to 60 names over the past three weeks, with ~30% of the current list trading below their 50-DMAs. Going forward, we will be looking for distribution to subside and for price/volume action to improve on both the major averages and lead-ership ideas alike. We maintain our cautious stance on the general market.
Stocks on our U.S. Focus List—Current Sentiment
Our USFL of 60 ideas gained 0.7% on average this week, in-line with the S&P 500 (0.7%) and the Nasdaq (0.8%).
By Sector
Multiple Technology ideas on the U.S. Focus List continue to act well. QTWO, WB, PAYC, NOW, RHT, CRM, TTWO, ALRM, and ADBE are all trading at or near new highs. MDSO and VEEV are the two outliers, each under pressure following Q2 earnings results from VEEV. Health Care ideas also improved, though all ideas remain in consolidation. VRTX continues to consolidate constructively above its 50-DMA. Conversely, our lone Basic Mate-rial name, USCR, broke its 50-DMA in heavy volume on the back of weakness across the Cement group. The stock is now sitting just above its 200-DMA.
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index was up 0.08% this week and is trading 0.32% above its 50 DMA and 3% below 52-week highs. One distribution day was added this week, increasing the total count to four. The index remains Under Pressure.
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index surged 0.96% this week. It is trading 1% above its 50-DMA and 3% below 52-week highs. The index remains Under Pressure.
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index declined 0.52% this week. Today it plunged 1.15%, breaching its 50-DMA and marking its fifth distribution day. It is trading about 4.5% below 52-week highs and remains Under Pressure.
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index fell 0.3%, continuing to consolidate about 3% below 52-week highs. The index was up for the bulk of the week but fell 1.3% on Friday, failing to hold a retake of its 50-DMA. The index remains in an Uptrend Under Pressure and has five distribution days in the past five weeks. We will continue watching the 50-DMA closely as the stock has failed to hold the level three times after breaking above it.
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index fell 0.3%, continuing to consolidate about 3% below 52-week highs. The index was up for the bulk of the week but fell 1.3% on Friday, failing to hold a retake of its 50-DMA. The index remains in an Uptrend Under Pressure and has five distribution days in the past five weeks. We will continue watching the 50-DMA closely as the stock has failed to hold the level three times after breaking above it.
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index fell 0.6%, continuing to consolidate about 3% below 52-week highs. The index remains in an Uptrend Under Pressure and has six distribution days in the past five weeks. We will continue watching the 50-DMA level closely as the index has failed in its two previous attempts to retake it. It closed just slightly under it to end this week.
Global Focus Developed Long
Australia’s ASX All-Ordinaries Index gained 1.1%, bouncing off its 40-WMA mid-week and closing at weekly highs. It also retook its 50-DMA after back-to-back gains on Thursday and Friday. We will be watching this level closely as the index has failed in its two previous attempts to retake it.
