Tag: Confirmed Uptrend

Market View

Posted on by Raj Gupta

U.S. Market

The U.S. market remains in a Confirmed Uptrend. The S&P 500 continues to trend off 21-DMA support with the
next level of resistance at all-time highs of 3,393 (+1.3%). The Nasdaq pulled back off all-time highs on Friday
as Technology paused, while Financials, Retail, and Industrials came under accumulation. The Nasdaq still
closed off session lows and remains well above 10- and 21-DMA support. The distribution day count remains
relatively low with one day set to expire on both indices next week.
Transportation, Consumer Cyclical, Capital Equipment, and Energy led this week, rallying more than 4% each.
Utility, Health Care, and Consumer Staple lagged, but still managed to rally more than 1% each. Leadership
continues to broaden with Energy now the only sector trading below its 200-DMA. Top-ranked industry groups

outperforming this week include Solar, Medical Services, Air Freight, Wholesale Auto, Home Furnishings, Build-
ing Products, Leisure Products, Internet, and Payment Processors. 74% of S&P 500 stocks are trading above their

respective 50-DMA and 57% are trading above their respective 200-DMA, compared with 64% and 51%, re-
spectively, last week.

US Focus

Posted on by Sandeeep N

The U.S. market remains in a Confirmed Uptrend. The S&P 500 continues to trend off 21-DMA support with the next level of resistance at all-time highs of 3,393 (+1.3%). The Nasdaq pulled back off all-time highs on Friday as Technology paused, while Financials, Retail and Industrials came under accumulation. The Nasdaq still closed off session lows and remains well above 10- and 21-DMA support. Distribution remains relatively low with one day set to expire on both indices next week.

Market View

Posted on by Raj Gupta

U.S. Market

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq held support at their respective 21-
DMA this week before closing at the highs of the session on Friday. Positively, both indices avoided distribution
with the distribution day count falling to just one and three days, respectively. We have yet to see a clustering of
distribution days, and leading ideas continue to trade constructively above support.
Following a short three-week period of consolidation, long-term leading sectors, Technology and Retail, rallied
back to all-time highs, rising 2–4% each. Long-term lagging sectors, Energy and Capital Equipment, failed to
rally above short-term moving average resistance, falling 1–4% each. Energy is the only sector trading below its
50-DMA. Top-ranked industry groups leading this week include Internet, Semiconductors, Software, Leisure
Products, Home Furnishings, Miners, Building Products, and Medical Equipment. 64% of S&P 500 stocks are
trading above their respective 50-DMA and 51% are trading above their respective 200-DMA, compared with
74% and 53%, respectively, last week.

US Focus

Posted on by Saminathan Jaganathan

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq held support at
their respective 21-DMA this week before closing at the highs of the session on Friday. Positively,
both indices avoided distribution with the count falling to just one and three days, respectively. We
have yet to see a clustering of distribution days and leading ideas continue to trade constructively
above support

US Focus

Posted on by Saminathan Jaganathan

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back off
early week gains, however, both managed to close off lows and keep a relatively low distribution
day count. Further, two distribution days will expire on the S&P 500 and one on the Nasdaq
next week. Extended leadership is also acting well despite pulling back off significant gains. The
majority are consolidating above support rather than breaking down in concerning fashion. Should
weakness persist, we will be looking for both indices to close above their respective rising 50-DMA
(S&P 500: 3,104; Nasdaq: 9,933) to remain constructive.

Market View

Posted on by Raj Gupta

U.S. Market

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back off early-week gains,

however, both managed to close off lows and keep a relatively low distribution day count. Further, two distribu-
tion days will expire on the S&P 500 and one on the Nasdaq next week. Extended leadership is in the process of

basing, but thus far, the majority have constructively held support rather than breaking down in concerning fash-
ion. Should weakness persist, we will be looking for both indices to close above their respective rising 50-DMA

(S&P 500: 3,104; Nasdaq: 9,933) to remain constructive.

US Focus

Posted on by Saminathan Jaganathan

The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back off
early week gains, however, both managed to close off lows and keep a relatively low distribution
day count. Further, two distribution days will expire on the S&P 500 and one on the Nasdaq
next week. Extended leadership is also acting well despite pulling back off significant gains. The
majority are consolidating above support rather than breaking down in concerning fashion. Should
weakness persist, we will be looking for both indices to close above their respective rising 50-DMA
(S&P 500: 3,104; Nasdaq: 9,933) to remain constructive.

European Focus

Posted on by Saminathan Jaganathan

On Thursday, the Stoxx 600 ended 0.25% above last Friday’s close. Of the
17 indices that we cover, eight are in a Confirmed Uptrend, and nine are in an
Uptrend Under pressure

China A Shares

Posted on by Midhun Parameswaran

The CSI 300 fell 4.39% this week on lower volume and remains in a Confirmed Uptrend
with three distribution days, adding one Thursday. The index had its largest weekly loss since
April. Resistance was at Monday’s high of 4,878 (+7.3%) and support lies at the 21-DMA
(4,430, -2.5%) followed by the 50-DMA (4,150, -8.7%). China’s economic data showed
signs of recovery: GDP grew 3.2% y/y in the second quarter, higher than expectations of
2.5%. June retail sales fell 1.8% y/y, less than the expected 0.3% growth but beat May’s 2.8%
drop. Industrial profits increased 4.8% y/y in June, better than consensus of 4.5%. Real estate
investments grew 1.9% y/y for the first half of the year. June exports and imports rose 0.5% and
2.7%, y/y, respectively, both beating consensus. Escalating China-U.S. tensions and the likely
slowing pace of policy easing after the strong data dampened investor sentiment. We recommend
investors stay disciplined in this volatile market and be selective of quality stocks with strong
support levels or breaking out of pivot.

US Focus

Posted on by Midhun Parameswaran

The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq remain resilient and are
holding above their respective 10-DMAs despite Monday’s downside reversal. The S&P500 is less
than 1% below resistance at 3,233 and remains in a 6-week consolidation. Distribution count has
declined this week and currently stands at four and two days respectively.