The U.S. market is in a Rally Attempt. The S&P 500 and Nasdaq are consolidating after bouncing higher earlier this week. The market status will remain in a Rally attempt until a follow though day (+1.7% on higher d/d volume) occurs on either index and then upgraded to a Confirmed Uptrend or downgraded to Downtrend if the March 13th low (S&P 500: 3,808; Nasdaq: 10,982). is breached on both indices.
Symbol: MAM.IN
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March 16, 2023 – Weekly Best Ideas (DIP.PL)
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APAC Weekly Summary
Key points from this week’s report:
Please refer to the attached PDF for the full report.
• The MSCI Asia ex. Japan index (AAXJ) breached its 100- and 200-DMA support. We recommend a cautious approach to
adding risk. Look for indices to settle and stage a follow-through day before allocating risk. If you must allocate capital,
focus on ideas with rising relative strength.
• Japan and Taiwan are in an Uptrend Under Pressure. Indonesia is in a Rally Attempt. Ten of 13 markets, including Hong
Kong, China, India and South Korea, are in a Downtrend.
• Across APAC over the last four weeks, a higher number of industry groups from the Capital Equipment and Technology
sectors have seen improvement in their Group Rank. On the flip side, it has deteriorated for most groups in the Consumer
Cyclical, Financial and Retail sectors.
• Refer to page 4 for a list of leading industry groups. Refer to page 11 for a list of stocks near pivot from these groups.
• Highlighted Focus List Idea: Orion (OIN.KR; 271560 KS)
Won Global View
The U.S. market has been downgraded to a Downtrend. The S&P 500 and Nasdaq closed decisively below 50- and 200-DMA (S&P 500: 3,940; Nasdaq: 11,402) support after selling pressure increased last week. The next level of price support on the S&P 500 is near ~3,800, while the Nasdaq is currently testing support at its 100-DMA (11,136).
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Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back towards 21-DMA (4,054/11,548) support last
week, consolidating sharp year-to-date gains. Should this level break, the next level for the S&P 500 is the 50-DMA (3,969), while the
Nasdaq’s next level is the 200-DMA (11,438). Distribution remains relatively low at three and two, respectively, with no expiration this
week.
