On Thursday, the Stoxx 600 ended 1.77% above last Friday’s close. Of the 17 indices that we cover, two are in a Confirmed Uptrend, eight are in an Uptrend Under Pressure, and seven are in a Rally Attempt.
Tag: Rally Attempt
European Focus
The market saw heavy distribution this week. On Thursday, the Stoxx 600 closed 3.5% below last Friday’s close.
European Focus
The Stoxx 600 has seesawed during the week, with news related to the COVID-19 outbreak and vaccine weighing on investor sentiment. Still, as of Thursday, the Stoxx 600 closed 1.4% above last Friday’s close.
European Focus
The Stoxx 600 continued to tread along last week’s recovery path and is now forming a cup base. The index gained 4.54% over the last four sessions in the week. Today, the index is up about 1% and looks set to close in the green.
European Focus
After Monday’s grand opening, where the Stoxx 600 rose more than 4%, the market again kept oscillating between gains and losses. However, thanks to Monday’s move, the Stoxx 600 was up 3.6% on Thursday’s close, compared with last Friday. The volume is generally low. Today, the market looks flat, anticipating U.S.-China tensions to increase
European Focus
This week, the market oscillated between positive and negative territories in the face of news on COVID-19 vaccines and earnings. When compared with last Friday’s close, the Stoxx 600 was almost flat at Thursday’s close. The volume, however, remained low. Today, the market looks set to close in the green.
European Focus
This week’s economic data indicated a bigger-than-expected impact of COVID- 19-related shutdowns on the region’s economy. Markets, which were gaining momentum on increased hope of a cure, were retracting today after a leaked paper from the World Health Organization indicated the failure of Remdisivir, a potential drug for COVID-19. As of Thursday’s close, the Stoxx 600 has lost 0.07% from last Friday’s close.
European Focus
In the face of the Covid-19 crisis, countries all over the world rolled out stimulus packages to shield their respective economies. Overall, markets have reacted well to the stimulus, and the Stoxx 600 gained 9.67% at Thursday’s close. Today, markets are erasing some of these gains, and the Stoxx 600 is losing 3.76% after its first three-day rally since mid-February.
Market View
U.S. Market
The U.S. market is in a Rally Attempt. The S&P 500 and Nasdaq rallied sharply higher off Monday’s intraday
lows before pulling back on Friday. Both have now held those lows for more than three days and are now in position to stage a follow-through day. We continue to recommend waiting for a follow-through day before any
meaningful increase in risk.
Seven of 11 O’Neil sectors rallied by 10% or more this week led by Utility, Consumer Cyclical, and Capital
Equipment. Lagging sectors and industry groups led the bounce before fading on Friday. Growth-oriented and
higher quality industry groups fared well, however; the majority remain well off highs with multiple layers of resistance to still regain. Growth-oriented industry groups showing good relative performance over the last several
sessions include Software, Internet, Semiconductors, Biotech, Medical Products/Equipment, and Managed Care.
US Focus
The U.S. market is in a Rally Attempt. The S&P 500 and Nasdaq rallied sharply higher off Monday’s intraday lows before pulling back on Friday. Both have now held those lows for more than three days and are now in position to stage a follow-through day. We continue to recommend waiting for a follow-through day before any meaningful increase in risk.
