On Thursday, the Stoxx 600 ended 1.89% above last Friday’s close. Of the 17 indices we cover, three are in a Confirmed Uptrend, one in a Rally attempt, and 13 in an Uptrend Under Pressure.
Tag: Confirmed Uptrend
European Focus
On Thursday, the Stoxx 600 ended 1.29% above last Friday’s close. Of the 17 indices we cover, one is in a Confirmed Uptrend and 16 are in an Uptrend Under Pressure. This week, we upgraded Norway and Portugal to a Confirmed Uptrend after they reclaimed their rally high. We downgraded Germany to a Downtrend after the index breached its 200-DMA.
European Focus
On Thursday, the Stoxx 600 ended 2% below last Friday’s close. Of the 17 indices we cover, one is in a Confirmed Uptrend and 16 in an Uptrend Under Pressure. This week, we upgraded Austria to a Confirmed Uptrend after it reclaimed its rally high and downgraded Ireland and the Netherlands to an Uptrend Under Pressure after the indexes breached their 50-DMA.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continued to pull back this week,
with the S&P 500 closing just below its 50-DMA (S&P 500: 4,436; Nasdaq: 14,875). Despite the pullback, indi-
ces remain just 2% off highs. The next level of support below the 50-DMA on the S&P 500 is ~4,367, while the
Nasdaq has good support at ~14,900. The distribution day count stands at three and four, respectively, with
one day expiring on each next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq continued to pullback this week, with the S&P 500 closing just below its 50-DMA (S&P 500: 4,436; Nasdaq: 14,875). Despite the pullback, indices remain just 2% off highs. The next level of support below the 50-DMA on the S&P 500 is ~4,367, while the Nasdaq has good support at ~14,900. The distribution day count stands at three and four, respectively, with one day expiring on each next week.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back for three straight ses-
sions, with each staging a downside reversal to close the week. The S&P 500 is now sitting just above its 50-
DMA (4,424), a level that has acted as consistent, but now obvious support over the entirety of the year. The
Nasdaq is now trading just above its 21-DMA (15,081), with the next level of support at 14,896, which may co-
incide with a rising 50-DMA (14,826). The distribution day count stands at two and three, respectively, with no
expiration next week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back for three straight sessions, with each staging a downside reversal to close the week. The S&P 500 is now sitting just above its 50-DMA, a level that has acted as consistent, but now obvious support over the entirely of the year. The Nasdaq is now trading just above its 21-DMA, with the next level of support at 14,896, which may coincide with a rising 50-DMA. Each index added two distribution days this week, taking the count to three each with no expiration next week.
European Focus
Australia’s ASX All Ordinaries Index declined 1.5% this week. The index breached support along its 50-DMA and added two distribution days. It remains in a Confirmed Uptrend and has six distribution days. One distribution day will expire next week.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq made new all-time highs for a sec-
ond straight week, closing above 10- and 21-DMA support while also avoiding distribution. The overall trend
remains constructive, though the S&P 500 is now approaching its upper channel line which has risen above
4,600. The distribution day count stands at one and two, respectively, with one day expiring on the Nasdaq next
week.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq made new all-time highs for a second straight week, closing above 10- and 21-DMA support while also avoiding distribution. The overall trend remains constructive, though the S&P 500 is now approaching its upper channel line which has risen above 4,600. The distribution day count stands at one and two, respectively, with one day expiring on the Nasdaq next week.
