The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq regained their respective 50-DMA this week, with the S&P 500 now trading within 1% of an all-time high. Despite the move, both remain within consolidation with no real trend yet to develop. We view the 50-DMA as the primary level of near-term support and resistance at all-time highs. The distribution day count stands at three each with one day expiring on the S&P 500 next week.
Symbol: LECO
US Focus
The U.S. market is in an Uptrend Under Pressure. The S&P 500 and Nasdaq broke below their respective
50-DMA, staging multiple downside reversals to eventually close near the lows of the week. The S&P 500 is
narrowly holding above 100-DMA (4,491) support before price support at ~4,430. The Nasdaq is now 7%
off highs and sitting on its 100-DMA (15,082). The next level of price support is ~14,755 before the rising
200-DMA (14,411). The distribution day count increased to four and three, respectively, with no expiration
next week.
O’Neil Capital Equipment Sector Weekly
Kornit Digital (KRNT) – $8B market cap; $62M ADV: We reiterate our buy recommendation on Kornit Digital as the stock reclaimed its 21-
DMA on above average volume and is trading close to its 52-week high. The recent public offering is expected to raise $293M, which would be
used for acquisitions, working capital, and capex. We expect the company to benefit from increased digital penetration in the global textile
industry due to its patented technologies. Consensus expects a sales CAGR of 47% and an EPS CAGR of 155% over FY20–
22E.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back
sharply this week, with both closing below their respective 21-DMA. The next level of support
is September highs at 4,545 and 15,403, respectively, which may also coincide with the rising
50-DMA. The distribution day count remains low at three and one, respectively, with one day
expiring on the S&P 500 next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are trading at or
near all-time highs and above 10- and 21-DMA support. The distribution day count remains low
at three and one, respectively, with one day expiring on the Nasdaq next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq found support near their respective 10-DMA, eventually closing ~1% off all-time highs for the week. Support below this level remains the rising 21-DMA (S&P 500: 4,603; Nasdaq: 15,515). The distribution day count remains low at three and one, respectively.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to set new all-time highs after a week of broad-based accumulation. Indices are 1-2% above the first level of support at their rapidly rising 10-DMAs ( S&P 500: 4,620, Nasdaq : 15,602). Distribution day count remains low at two and one respectively.
O’Neil Capital Equipment Sector Weekly
Generac (GNRC): Reported weaker-than-expected Q3 FY21 results yesterday before market open. Revenue (+35% y/y) and EPS (+13% y/y) missed
consensus by 2% each. The company cut its FY21 adjusted EBITDA guidance by 125bps to 23.5%. The stock closed 4.4% lower after results. We
recommend that investors hold positions and look for support at $466.92 (-4%), followed by support at its 10-WMA (-7%).
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 continues to trend into new highs, while the Nasdaq just broke out into a new all-time high yesterday. The 10- and 21-DMA are now near-term levels of support above the 50-DMA. The distribution day count stands at six and five, respectively, with one day expiring on each today and three on each next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq have now both broken out to new all-time highs. There are multiple levels of support below current prices include the prior highs (S&P 500: 4,545; Nasdaq: 15,403) before the sharply rising 10- and 21-DMA. Distribution has mostly been avoided for two weeks with the count at five and four, respectively, with three expiring on each next week.
