Tag: Rally Attempt

US Focus

Posted on by Midhun Parameswaran

The U.S. market remains in a Rally Attempt. The S&P 500 is now testing all-time highs after clearing above September high resistance Friday. The Nasdaq also cleared above near-term resistance, but remains ~1% below all-time highs. We will upgrade to Confirmed Uptrend should indices breakout in the coming days. Though action has been resilient over the last few weeks, volume has been low and breakouts among quality ideas remains limited. We would like to see a multitude of breakouts if and when indices make new highs to gain conviction that a new sustainable trend higher is developing. 32% of S&P 500 stocks report earnings next week.

US Focus

Posted on by Sandeeep N

The U.S. market remains in a Rally Attempt. The S&P 500 and Nasdaq are hitting resistance near September highs after rallying strongly over the last two weeks. Near-term resistance is 3,022 on the S&P 500 and 8,243 on the Nasdaq before all-time highs. Both indices turned lower Friday and are now set to test support at their rising 21-DMAs followed by the 50-DMA which has turned back up over the last week. Monday will mark day 13 of the attempted rally and we continue to wait for a follow-through day or a breakout into new highs before upgrading the market status.

Market View

Posted on by Raj Gupta

U.S. Market

The U.S. market remains in a Rally Attempt. The S&P 500 and Nasdaq nearly staged a follow-through day Friday, before selling off sharply during the final few minutes to close in the lower half of the day’s session. Monday will now mark day eight of the attempted rally. A follow-through day should feel like an explosive rally, with indices preferably closing up 1.7% or more on heavier volume than the day before. We would recommend a
gradual increase in risk should a follow-through day occur next week.

Following Friday’s move, Technology, Retail, and Utility are now trading 1% or more above their respective 50-
DMA. Five sectors, including Consumer Cyclical and Technology, rallied 1% or more, while defensive sectors
such as Utility lagged behind, trading down on the session. ~60% of S&P 500 stocks are back above their respective 50-DMA, up from just 47% on Thursday.

US Focus

Posted on by Sandeeep N

The U.S. market remains in a Rally Attempt. The S&P 500 and Nasdaq nearly staged a followthrough day Friday, before selling off sharply during the final few minutes to close in the lower half of the day’s session. Monday will now mark day eight of the attempted rally. A follow-through day should feel like an explosive rally, with indices preferably closing up 1.7% or more on heavier volume than the day before. We would recommend a gradual increase in risk should a follow-through day occur next week.

China A Shares

Posted on by Saminathan Jaganathan

China markets were closed for the National Day holiday for most of the week and will reopen on Tuesday, October 8. We reiterate a cautious approach going into trade talks next week. The CSI 300 has recorded five distribution days in recent weeks and is testing the 50-DMA (~3,800). Further weakening of the index could raise concern and we anticipate volatility to remain at an elevated level near term.

European Focus

Posted on by Saminathan Jaganathan

On Thursday, the Stoxx 600 ended the day 1% below last Friday’s close and is in a Confirmed Uptrend. During the week, we upgraded France to a Confirmed Uptrend after it reached new highs and downgraded Finland to an Uptrend Under Pressure after it breached its 200-DMA. Of the 17 indices we cover, 11 are in a Confirmed Uptrend, two are in an Uptrend Under Pressure, and four are in a Rally Attempt