On Thursday, the Stoxx 600 ended 0.38% above last Friday’s close. Of the 17 indices we cover, 11 are in a Confirmed Uptrend, one in a Rally Attempt, and five in an Uptrend Under Pressure.
Tag: Confirmed Uptrend
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to set new all-time highs
after a week of broad-based accumulation. Indices are 1-2% above the first level of support at their rapidly ris-
ing 10-DMA (S&P 500: 4,620, Nasdaq: 15,602). The distribution day count remains low, at two and one, re-
spectively.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to set new all-time highs after a week of broad-based accumulation. Indices are 1-2% above the first level of support at their rapidly rising 10-DMAs ( S&P 500: 4,620, Nasdaq : 15,602). Distribution day count remains low at two and one respectively.
European Focus
On Thursday, the Stoxx 600 ended 1.62% above last Friday’s close. Of the 17 indices we cover, 11 are in a Confirmed Uptrend, one in a Rally Attempt, and five in an Uptrend Under Pressure. We upgraded the Stoxx 600, Denmark, and France to a Confirmed Uptrend after they reclaimed their prior Confirmed Uptrend high.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq have now both broken out to new
all-time highs. There are multiple levels of support below current prices, including the prior highs (S&P 500:
4,545; Nasdaq: 15,403) before the sharply rising 10- and 21-DMA. Distribution has mostly been avoided for
two weeks with the count at five and four, respectively, with three expiring on each next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq have now both broken out to new all-time highs. There are multiple levels of support below current prices include the prior highs (S&P 500: 4,545; Nasdaq: 15,403) before the sharply rising 10- and 21-DMA. Distribution has mostly been avoided for two weeks with the count at five and four, respectively, with three expiring on each next week.
European Focus
On Thursday, the Stoxx 600 ended 0.68% above last Friday’s close. Luxembourg, the U.K., and Italy were shifted to a Confirmed Uptrend after the indices retook their prior rally highs. Of the 17 indices we cover, seven are in a Confirmed Uptrend, one in a Rally Attempt, and 12 in an Uptrend Under Pressure.
Market View
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 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.
European Focus
On Thursday, the Stoxx 600 ended 0.13% above last Friday’s close. Of the 17 indices we cover, four are in a Confirmed Uptrend, one in a Rally Attempt, and 12 in an Uptrend Under Pressure. This week, we upgraded the Netherlands to a Confirmed Uptrend after it reclaimed its rally high.
