The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are trading at or near all-time
highs with leadership expanding across multiple sectors and market caps. Support is at the rising 10- and- 21-
DMA ( S&P 500: 4,469, Nasdaq: 14,809). The distribution day count stands at three and two, respectively, with
two expiring on the S&P 500 next week.
Tag: Confirmed Uptrend
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are trading at or near all – time highs with leadership expanding across multiple sectors and market caps. Support is at the rising 10-and- 21-DMAs ( S&P 500: 4,469, Nasdaq: 14, 809). The distribution day count stands at three and two, respectively, with two expiring on the S&P 500 next week
European Focus
On Thursday, the Stoxx 600 ended 0.33% above last Friday’s close. Of the 17 indices we cover, 12 are in a Confirmed Uptrend and five in an Uptrend Under Pressure. This week, we upgraded Portugal to a Confirmed Uptrend after the index reclaimed its prior rally high.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back to their respective 50-
DMA before finding support and closing within the upper half of their weekly range. Support below the 50-DMA
is ~4,233 on the S&P 500 and ~14,200 on the Nasdaq. Despite adding a distribution day on Tuesday, the
overall count declined to three and two, 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 to their respective 50-DMA, before finding support and closing within the upper half of their weekly range. Support below the 50-DMA is ~4,233 on the S&P 500 and ~14,200 on the Nasdaq. Despite adding a distribution day on Tuesday, the overall count declined to three and two, respectively, with no expiration next week.
European Focus
On Thursday, the Stoxx 600 closed 1.8% below last Friday’s close. The index remains in a Confirmed Uptrend but with an elevated distribution day count of five. We downgraded the U.K., France, Norway, and Sweden markets to an Uptrend Under Pressure after they breached their respective 50-DMA support. Of the 17 indices we cover, six are now in an Uptrend Under Pressure while the others are in a Confirmed Uptrend
Market View
U.S. Market
The U.S. market remains in a Confirmed Uptrend. The S&P 500 is trending into all-time highs, while the Nasdaq
continues to consolidate within 1% of a new high and above 21-DMA support. Distribution has mostly been
avoided over the last two weeks, with the count now standing at four each, with two set to expire on the S&P 500
and three on the Nasdaq next week.
China A Shares
The CSI 300 gained 0.5% on lower but above average volume this week. The market remains in a Confirmed Uptrend with one distribution day. The index ended below the short-term 5- (4,993, +1.0%) and 21-DMA (~4,975, +0.6%), pulling back off its weekly high. Support is at July 28’s low (~4,664, -5.7%) and resistance is at ~5,100 (+3.1%), the lower edge of the consolidation range since June this year and where the 50-, 100- and 200-DMA sit. Sentiment was dampened by weaker-than-expected growth in total social financing (RMB 1.06T versus consensus of RMB 1.52T). The domestic economic recovery is slowing, indicated by lower-than-expected trade data on falling demand. A faster-than-expected surge of factory-gate prices is adding to business cost pressures. Banks, developers, and food & beverage companies rallied after months of pullback, while semiconductor stocks sold off. Auto and clean energy fluctuated over the week, with mixed performance by individual stocks. Upward momentum was weak with quick sector rotation on position rebalancing. Upcoming earnings also increased market volatility. We would like to see the CSI 300 regain its 5- and 21-DMA to be constructive. Investors should stay patient and focus on stocks with sound fundamentals and strong technical profiles.
US Focus
The U.S. market remains in a Confirmed Uptrend. The S&P 500 is trending into all-time highs, while the Nasdaq continues to consolidate within 1% of a new high and above 21-DMA support. Distribution has mostly been avoided over the last two weeks, with the count now standing at four each, with two set to expire on the S&P 500 and three on the Nasdaq next week.
European Focus
On Thursday, the Stoxx 600 ended 1.04% above last Friday’s close. Of the 17 indices we cover, 15 are in a Confirmed Uptrend and two in an Uptrend Under Pressure. This week, we upgraded Germany, the U.K., Austria, Ireland, and Italy to a Confirmed Uptrend after they reclaimed their prior rally high.
