Join our analysts for our Weekly Best Ideas webinar, where they discuss the current outlook for global markets from an O’Neil perspective and delve into the best actionable stock ideas of the week.
Symbol: ULK.TR
Global Focus Emerging
Global Focus Emerging
O’Neil Consumer/Retail Weekly
Consumer Staples (XLP): The index continues to trade along its rising 21-DMA. It broke above $75.05 price level and is sitting 2%
below pivot. It is clearing the resistance at $76. A decisive break above $77.8 should be bullish for the sector. However, it continues to
lag the broader market, with the RS line remaining in a downtrend with weak technical ratings.
Won Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq declined 28bps and 42bps, respectively, on higher d/d
volume, thereby registering distribution days. Short-term support for both indices remains at the 10-DMA (5,192/16,275), followed by the
rising 21-DMA (5,148/16,156). The distribution day count on the indices stands at four and eight, respectively.
Global Focus Emerging
Global Focus Emerging
Global Focus Emerging
Global Focus Emerging
Global Focus Emerging
Global Focus Emerging
Global Focus Emerging
Global Focus Emerging
Global Focus Emerging
Global Focus Emerging
Market View
The U.S. market remains in a Confirmed Uptrend. This week, the S&P 500 fell 0.4% while the Nasdaq fell 1.4%. Both indices bounced from 21-DMA support (4,936/15,582) but closed a bit off the highs established on Monday. The S&P 500 is still well into all-time highs while the Nasdaq is about 2% below its Q4 2021 peak (16,212). Indices are about 4% extended from their 50-DMA (4,813/15,134). The distribution day count stands at five and four, respectively, after each index picked two this week (Tuesday and Friday).
