Australia’s ASX All Ordinaries Index gained 0.40% this week. It is trading 4.41% above its 40-WMA and is currently in a Confirmed Uptrend
Symbol: NXT.AU
APAC Weekly Summary
Last week, we upgraded both Mainland China and Japan to a Confirmed Uptrend as both staged a follow‐through day. Despite
this, we feel more confident about Japan’s market condition than China (more on this below). With the two upgrades, our APAC
market conditions have shifted more bullish, but 60% of markets are still trading below longer term moving averages, which gives
us a reason to remain a bit cautious. Additionally, the broader MSCI Asia ex Japan benchmark (Datagraph below) has yet to display
signs of positive momentum this week. A/D is still poor and it has traded flatly this week, weighed down by weak action in
heavier weighted names (e.g. Tencent).
Furthermore, we have yet to see significant rotation out of defensive sectors, although Health Care has pulled back recently. As
we mentioned in a previous note, Utilities continue to display momentum. We are keeping an eye on short‐term improvement in
Technology and noticing sharp underperformance from Materials, Transportation, and Energy. We provided names in these
sectors to keep on your radar for breakouts as well as those we believe are still vulnerable to further downside. Lastly, we
highlight two Technology names on our list, Samsung SDI ( SCT.KR; 006400:KS ) and L&F ( LAF.KR; 066970:KS ).
Global Focus Developed Long
Australia’s ASX All Ordinaries Index declined 0.06% this week. It is trading 4.19% above its 40-WMA and is currently in a Confirmed Uptrend.
Global Focus Developed Long
Australia’s ASX All Ordinaries Index increased 1.05% this week. It added one distribution day during the week, bringing the total to three over the last five weeks, and remains in a Confirmed Uptrend. The index is trading 1% off 52-week highs.
Global Focus Developed Long
Australia’s ASX All Ordinaries Index dropped 0.51% this week. While it added one distribution day during the week, it remains in a Confrmed Uptrend and is trading 1% off 52-week highs.
Global Focus Developed Long
Australia’s ASX All Ordinaries Index increased 1.88% this week. It is trading 4.44% above its 40-WMA and is currently in a Confirmed Uptrend.
Global Focus Developed Long
Australia’s ASX All Ordinaries Index increased 0.79% this week.
It is trading 2.78% above its 40-WMA and is currently in a Rally
Attempt
Global Focus Developed Long
Australia’s ASX All Ordinaries Index increased 0.86% this week. It is trading 2.15% above its 40-WMA and is currently in a Rally Attempt.
APAC Weekly Summary
Like clockwork, the MSCI has found support at the 200-DMA. This level has remained a key support level all year and as long as it holds, the overall trend remains largely unchanged. The index continues to be stuck in this sideways pennant pattern and a definitive direction has yet to be determined in our view. Until the index rises above March highs, we believe a cautious approach is warranted. Distribution days in individual markets have decreased somewhat from last week, as nearly all markets have traded higher following a volatile week. The majority of markets in an Uptrend are still Under Pressure but we upgraded Taiwan to a Confirmed Uptrend due to Monday’s follow-through day.
Global Focus Developed Long
Australia’s ASX All Ordinaries Index declined 0.60% this week. It is trading 1.39% above its 40-WMA and is currently in a Rally Attempt.
