The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq closed the week at or near new
highs and above all major moving averages, including near-term support along the 10- and 21-DMA. The dis-
tribution day count stands at six and four, respectively, with two days expiring on the S&P 500 next week.
The CSI 300 gained 2.29% on lower and above average volume this week. The market was shifted to a Confirmed Uptrend on a day four follow-through Monday. The index breached its 5-DMA (~4,943, +0.4%) with next support at July 28’s low (~4,664, -5.2%). Immediate resistance is at the 21-DMA (~5,005, +1.7%). July’s official manufacturing PMI was 50.4, below the previous 50.9 and consensus of 51.1. Private Caixin manufacturing PMI dropped to 50.3, a low since April 2020, from 51.3. Regulatory concerns emerged from the education sector and spread as reports from state media rattled sentiment, targeting online gaming, liquor, e-cigarettes, and infant formula. Defense stocks led the gains on improving earnings supported by rising demand from the country’s militarybuilding activities, with a boost from the Biden administration’s arms sale to Taiwan. Auto stocks continued outperforming on strong earnings and sales numbers, with Biden’s EV policy as a new catalyst. Health care led the losses on concerns about centralized procurement of medical equipment amid resurging domestic COVID cases. Upward momentum remained weak. We would like to see the CSI 300 hold or trade around the 5-DMA to be constructive. Investors should stay patient amid increasing volatility on earnings and headlines. Focus on stocks with sound fundamentals and strong technical profiles. Inflation and financial data will be released next week
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq closed the week at or near new highs and above all major moving averages including near-term support along the 10- and 21-DMA. Both indices avoided distribution this week, keeping the count at six and three, respectively, with two days expiring on the S&P 500 next week.
On Thursday, the Stoxx 600 closed 1.72% above last Friday’s close. We upgraded France and Belgium to a Confirmed Uptrend after both the indices made new highs. Currently, 10 indices are in a Confirmed Uptrend and seven are in an Uptrend Under Pressure. The average distribution day count stands at 5.53.
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq traded relatively flat for the week,
remaining within 1% of a new high and above near-term support along the 21-DMA. The longer-term lower end
of support remains the rising 50-DMA on both indices. Upside resistance is still along the rising upper channel
line which is above 4,500 on the S&P 500 and above 15,300 on the Nasdaq. The distribution day count stands
at six and three, respectively, with no expiration next week.
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq traded relatively flat for the week, remaining within 1% of a new high and above near-term support along the 21- DMA. The longer-term lower end of support remains the rising 50-DMA on both indices. Upside resistance is still along the rising upper channel lines which is above 4,500 on the S&P 500 and above 15,300 on the Nasdaq. The distribution day count stands at six and three, respectively, with no expiration next week.
On Thursday, the Stoxx 600 ended 0.50% above last Friday’s close. Of the 17 indices we cover, eight are in a Confirmed Uptrend and nine in an Uptrend Under Pressure. This week, we upgraded the Stoxx 600, Luxembourg, and the Netherlands to a Confirmed Uptrend after they reclaimed their prior rally high.
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq rallied strongly off 50-DMA sup-
port early this week before gapping back to new all-time highs on Friday. Both are now pushing back toward
their respective upper channel lines, which are above 4,500 on the S&P 500 and 15,100 on the Nasdaq. Sup-
port is again the rising 10- and 21-DMA. The distribution day count declined to four and three, respectively, with
no further expiration for two weeks.
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq rallied strongly off 50-DMA support early this week before gapping back to new all-time highs on Friday. Both are now pushing back towards their respective upper channel lines which are above 4,500 on the S&P 500 and 15,100 on the Nasdaq. Support is again the rising 10- and 21-DMA. The distribution day count declined to four and three, respectively, with no further expiration for two weeks
On Thursday, the Stoxx 600 ended 0.40% above last Friday’s close. Of the 17 indices we cover, five are in a Confirmed Uptrend and 12 in an Uptrend Under Pressure. This week, we downgraded the Stoxx 600 and Belgium to an Uptrend Under Pressure
