Te U.S. market is in a Confrmed Uptrend. Te S&P 500 and Nasdaq continue to trend higher, holding near-term support along their respective 10-DMAs on Tursday. Distribution stands at three days each with no expiration until the end of next week. Should a pullback occur, we will be looking for the rising 21-DMA t
Symbol: YETI
US Focus
Te U.S. market is in a Confrmed Uptrend. Te S&P 500 and Nasdaq continue to trend higher, making new year-to-date highs on Friday. Te distribution count has moderated to a reasonable level of just two days on the S&P 500 and three on the Nasdaq. Te 50-DMA on both indices is now well above the 200-DMA, though we still view the 21-DMA (S&P 500: 2,854; Nasdaq: 7,810) as a key level of short-term support.
US Focus
Te U.S. market is in a Confrmed Uptrend. Te S&P 500 and Nasdaq continue to push higher
and are now testing resistance near October 2018 highs. Near-term support remains the rising 21-
DMAs (S&P 500: 2,831; Nasdaq: 7,724). Distribution continues to expire, now at four days each
with two additional days falling off next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq held their
respective 21-DMA this week, consolidating gains. The 50-DMA is now moving above the 200-
DMA and will act as another layer of support should the market pull back. There are currently
six distribution days on each index, though four will expire within six sessions beginning next
Wednesday.
WON Global View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back yesterday, each picking up a sixth distribution day. Both indices closed off sessions lows and above 21-DMA support. The distribution day count is elevated, but four days will expire within six sessions beginning next Wednesday.
US Focus
Te U.S. market remains in a Confrmed Uptrend. Following strong gains on Tursday, the S&P 500 and Nasdaq pulled back sharply into support on Friday, closing at the lows of the session. Te S&P 500 is now testing its 21-DMA, which is rising to the 2,800 level. Te Nasdaq is trading 60 bps above its 21-DMA after erasing four straight days of positive gains. Tere remains a moderate number of distribution days, however, with no expiration for two weeks, we expect the number to rise. A further pick-up in distribution that takes the major averages below 21-DMA support could lead to consolidation in extended leadership.
US Focus
The U.S. market has been moved back into a Confirmed Uptrend. The S&P 500 and Nasdaq
cleared above a longer-term range of resistance on Friday. The next level of resistance is ~2,864
on the S&P 500 and ~7,873 on the Nasdaq, where both indices originally broke below their
respective 50-DMAs last October. Distribution stands at five days on the S&P 500 and four on
the Nasdaq, with one additional day expiring on the S&P 500 at the close Thursday.
US Focus
The U.S. market is in an Uptrend Under Pressure. Indices pulled back and broke below
support at their respective 200-DMA after picking up three distribution days this week.
Distribution day count stands at six and five on the S&P500 and Nasdaq, respectively, with
the rising 50-DMA as the next level of support. Although indices are pulling back, the market
was due for a pause after a strong rally off the December lows.
Global Markets Overview
Key points from the report:
- U.S. indices are overbought in the short term, strong precedence for longer-term gains.
- Earnings trough in Q1? Recovering in latter part of year?
- U.S. sectors are broadly positive, expecting more divergence going forward.
- At the stock level, breadth likely at a peak/volatility at trough.
- Number of U.S. breakouts back above normal level for first time in five months.
- Number of U.S. of favored growth stock ideas back at a normal level.
- Some top picks extended, but rotation occurring and still actionable names.
- Global index likely to pause after 10 weeks of gains.
- 80% of markets in Uptrend.
- Favored 2018 markets, including Brazil, India, now lagging.
- Big recoveries in Europe and large emerging markets like China, Hong Kong, South Korea.
- Number of global stock breakouts back to a normal level.
- Number of favored stocks (Focus List ideas) up sharply year-to-date.
- Wider breadth of stocks to buy, especially from Europe and China/Hong Kong.
Global Sector Commentary
Key Points:
- Global breakouts are back above their long-term weekly average for the first time since August 2018.
- The largest contributors are the U.S. and China, with more recent pickup in Europe.
- The number of names on each of our Focus Lists is sharply rising.
- Since the beginning of February, we have added a total of 47 ideas: 19 developed, 16 emerging, and 12 U.S.
- Of the 47, 38 are actionable now; please see the attached for buy-able names.
