Polycab India (POI.IN): Reported Q2 FY22 (ended September 2021) results. The company beat revenue (+48% y/y) estimates by 14%, while
EPS (-10% y/y) missed estimates by 4%. We recommend that investors add to positions as the stock retakes support along its 50-DMA on
above average volume.
Symbol: LECO
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 touched another new all-time high while the Nasdaq continues to climb
and is within 1% of a new high. Use the rising 10-DMA (S&P 500: 4,498; Nasdaq: 15,003) as the first level of support, followed by the 50-
DMA (S&P 500: 4,447; Nasdaq: 14,907). The distribution day count stands at five days on each index.
US Focus
The U.S. market is in a Confirmed Uptrend. The S&P 500 made a new all-time high Thursday showing instant progress after regaining its 50-DMA last week. The Nasdaq also continued its push higher earlier in the week before pulling back Friday to close ~2% off all-time high resistance of 15,403. We continue to view the 50-DMA as a key level of short-term support, though both the 10- and 21-DMA are now crossing above that level. The distribution day count stands at five each, with one day expiring on both at the end of next week.
US Focus
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq regained their respective 50-DMA this week. We will be looking for each to settle above this level or push further towards highs over the next few sessions before shifting the market status back to Confirmed Uptrend. The distribution day count stands at six and five, respectively, with one day expiring on each next week.
US Focus
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq gapped lower to support on Monday, before rallying back towards 50-DMA resistance to close the week. Both will now enter their sixth week of consolidation with no real trend yet to develop. Support remains ~4,200 and ~14,200, respectively. The distribution day count stands at six and seven, respectively, with one day set to expire on the S&P 500 and two on the Nasdaq next week.
US Focus
The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq gapped down back below their respective 50-DMA Tuesday and are now trading around their respective 100- DMA after staging upside reversals Friday. Both will now enter their fifth week of consolidation with support at ~4,200 and 14,200, respectively, and resistance at a flattening 50-DMA (S&P 500: 4,443; Nasdaq: 14,909). The distribution day count increased sharply to five and seven, respectively, with no expiration next week.
US Focus
The U.S. market is in an Uptrend Under Pressure. The S&P 500 and Nasdaq broke below their respective 50-DMA (S&P 500: 4,440; Nasdaq: 14,900) Monday before retracing the entirety of the move to close the week. We will now be looking for both indices to settle above this moving average or push further higher in the coming days before shifting the market status back to Confirmed Uptrend. The distribution day count remains low at two and three, respectively, with no expiration next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continued to pullback this week, with the S&P 500 closing just below its 50-DMA (S&P 500: 4,436; Nasdaq: 14,875). Despite the pullback, indices remain just 2% off highs. The next level of support below the 50-DMA on the S&P 500 is ~4,367, while the Nasdaq has good support at ~14,900. The distribution day count stands at three and four, respectively, with one day expiring on each next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back for three straight sessions, with each staging a downside reversal to close the week. The S&P 500 is now sitting just above its 50-DMA, a level that has acted as consistent, but now obvious support over the entirely of the year. The Nasdaq is now trading just above its 21-DMA, with the next level of support at 14,896, which may coincide with a rising 50-DMA. Each index added two distribution days this week, taking the count to three each with no expiration next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq made new all-time highs for a second straight week, closing above 10- and 21-DMA support while also avoiding distribution. The overall trend remains constructive, though the S&P 500 is now approaching its upper channel line which has risen above 4,600. The distribution day count stands at one and two, respectively, with one day expiring on the Nasdaq next week.
