The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq bounced off their 21-DMA support and closed ~90bps
higher. Indices are testing resistance near recent highs (6,060/ 19,800), with support at their rising 21-DMA (5,950/19,321). The
distribution day count remains at six and four, respectively. However, two days on the S&P 500 and one on the Nasdaq will expire this
week.
Author: Deepashree MC
Won Global View
The U.S. market remains in a Confirmed Uptrend. On Friday, the S&P 500 and Nasdaq declined 22bps and 51bps on higher d/d
volume, respectively, and registered a distribution day. Indices were relatively flat last week, consolidating above their 21-DMA (5,943,
19,290) support and 3–4% off all-time highs. The distribution day count increased to six and four, however, two days on the S&P 500 and
one on the Nasdaq will expire this week.
Won Europe Today
On Friday,
- European stocks closed higher as sentiment improved after the U.S. delayed its decision regarding involvement in the Middle East, easing immediate geopolitical fears. However, markets still ended the week lower, with investors remaining cautious and focused on the ongoing Israel-Iran conflict and broader global risks.
- Among key movers on the Stoxx 600, shares of Berkeley Group (BKG.GB; BKG:LN) fell 8.1% despite better-than-expected profit in FY25, as the company announced CFO Richard Stearn as the new CEO. Meanwhile, shares of Stora Enso (EGR.FI; STERV:FH) surged 14.7% after the company launched a strategic review of its €5.8B Swedish forest assets, including a possible listing.
- The Stoxx 600 tested resistance at its 100-DMA and closed the session 0.1% higher. Next resistance is at its declining 10-DMA (+1.8%), while support is at its 50-DMA (-0.4%). We recommend a selective approach to adding names on a high-volume breakout or decisive retake of their key moving averages.
- Among sectors, Travel & Leisure (+106bps), Banks (+70bps), and Automobiles & Parts (+64bps) were the top gainers, while Health Care (-78bps), Oil & Gas (-63bps), and Food & Beverages (-17bps) lagged the most.
- Among major indices, France’s CAC 40 tested resistance at its 200-DMA and gained 0.5%. Next resistance is at its 50-DMA (+1%). Germany’s DAX 30 bounced off its 50-DMA and closed 1.4% higher. Immediate resistance is at its declining 10-DMA (+1.2%), followed by its 21-DMA (+2.1%). The U.K.’s FTSE 100 fell 0.2% after testing resistance at its short-term moving averages. Support is at its 100-DMA (-1.9%), followed by its 50-DMA (-2.2%).
- Sweden and Finland markets were closed. Ten of the 14 open markets closed in the green. Three of the 16 markets we track are in a Confirmed Uptrend, 10 in an Uptrend Under Pressure, two in a Rally Attempt, and one in a Downtrend.
- All the 22 European Focus List names are trading above their 200-DMA, while 15 names are trading above their 50-DMA.
- Actionable names in the Focus List include Bawag Group (BWGP.AT; BG:AV) and Safran (SGM.FR; SAF:FP).
Won Europe Today
We released our Weekly Global Laggards Report today. Click here to access the report. The stocks highlighted in this report are laggards relative to their own domestic markets. We recommend that they be underweighted as they may be vulnerable to further downside risk and underperformance. European stocks include Akzo Nobel (AKZA.NL; AKZA:NA), Brenntag (BNRX.DE; BNR:GR), Atlas Copco B (ACBF.SE; ATCOB:SS), Renault (RENU.FR; RNO:FP), Tui (TUI1X.DE; TUI1:GR), Beiersdorf (Xet) (BEIX.DE; BEI:GR), UBS Group (UBSG.CH; UBSG:SW), and Hexagon B (EKBF.SE; HEXAB:SS).
Won Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 declined 3bps on higher volume, while the Nasdaq was up 13bps on lower
volume. Indices are testing resistance near recent highs (6,060; 19,800) and support at their rising 10-DMA (5,990; 19,513). The next level
of support is at their rising 21-DMA (5,940; 19,274). The distribution day count remains at five and three, respectively.
Won Europe Today
Yesterday,
- European markets extended losses as the Israel-Iran conflict entered its sixth day, fueling concerns over possible U.S. involvement. Meanwhile, the U.S. Fed kept rates steady at 4.25–4.5% but signaled the possibility of two rate cuts later this year. Investors now await the Bank of England’s policy decision due today.
- The Stoxx 600 closed lower for a second consecutive session. It is marginally above its 100-DMA and is expected to find support here. Next level of support is at its 50-DMA (-1%). We recommend a selective approach to adding names on a high-volume breakout or decisive retake of their key moving averages.
- Among sectors, Banks (+66bps) gained the most, while Health Care (-106bps) and Chemicals (-95bps) lagged the most.
- Among major indices, France’s CAC 40 closed 0.3% lower. The index was testing support at its converging 50- and 200-DMA. Germany’s DAX 30 declined 0.5% and extended its losses for a second consecutive day. It has near-term support at its 50-DMA. The U.K.’s FTSE 100 closed 0.1% higher after finding support at its 21-DMA. Immediate resistance is at its 10-DMA.
- The Stoxx 600 and the Netherlands recorded their fifth distribution day, while Germany logged in its sixth.
- Twelve of the 16 indices we track closed in the red. Three are in a Confirmed Uptrend, two in a Rally Attempt, and 11 in an Uptrend Under Pressure. The average distribution day count stands at 4.69.
- All the 22 European Focus List names are trading above their 200-DMA, while 19 ideas are trading above their 50-DMA.
- Actionable names in the European Focus List are Premier Foods (PFD.GB; PFD:LN), Bawag Group (BWGP.AT; BG:AV), and Safran (SGM.FR; SAF:FP).
Won Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq were down 85–90bps on lower volume and closed just near their
10-DMA (5,992; 19,506). Indices have immediate resistance near their recent highs (6,060; 19,800), with immediate support at their rising
21-DMA (5,936; 19,247). The distribution day count remains at five and three, respectively.
Won Europe Today
Yesterday,
- European markets declined as tensions in the Middle East escalated, with speculation rising that the U.S. may join Israel’s strikes on Iran. As Israel targets Iran’s nuclear and military sites, investors turned cautious ahead of the Fed’s policy meeting, where rates are expected to remain unchanged amid geopolitical uncertainty.
- The Stoxx 600 closed 0.8% lower, near a one-month low. Immediate support is at its 100-DMA, followed by its 50-DMA. We recommend a selective approach to adding names on a high-volume breakout or decisive retake of their key moving averages.
- Most sectors closed in the red, with Banks (-190bps) and Travel and Leisure (-190bps) lagging the most. Energy (+110bps) was the sole outlier.
- Among major indices, France’s CAC 40 failed to reclaim its 10-DMA and closed 0.7% lower. The index has support at its converging 50- and 100-DMA. Germany’s DAX 30 pared gains from its previous session and closed 1% lower. The index was trading in line with its mid-May lows, with next support at its 50-DMA. The U.K.’s FTSE 100 declined 0.5% and breached support at its 10-DMA. Next support is at its 21-DMA.
- Ireland and Denmark were shifted to an Uptrend Under Pressure from a Confirmed Uptrend.
- Denmark recorded its fifth distribution day, while Austria, Belgium, and Ireland logged in their sixth.
- All the 16 indices we track closed in the red, except Norway. Three are in a Confirmed Uptrend, two in a Rally Attempt, and 11 in an Uptrend Under Pressure. The average distribution day count stands at 4.76.
- All the 22 European Focus List names are trading above their 200-DMA, while 20 ideas are trading above their 50-DMA.
- Actionable names in the European Focus List are Adyen (ADYE.NL; ADYEN:NA), Premier Foods (PFD.GB; PFD:LN), Bawag Group (BWGP.AT; BG:AV), and Safran (SGM.FR; SAF:FP).
Won Europe Today
We released our European Weekly Summary yesterday. Click here to access full report. Key points from it include:
- Most European markets pulled back in the previous week amid concerns regarding the conflict between Israel and Iran in the Middle East. The Stoxx 600 was shifted to an Uptrend Under Pressure as it breached its 21-DMA. Norway, Denmark, and Portugal were the outperformers.
- Sectoral performance was broadly negative. Financial led the losses, followed by Technology and Retail. Energy, Utility, and Health Care posted gains.
Won Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 was up ~95bps on lower volume, while the Nasdaq was up ~1.5% on higher
volume. Indices rebounded off their 10-DMA (5,994;19,503) and are testing resistance near recent highs (6,060; 19,800). Next support is
at their rising 21-DMA (5,932; 19,219). The distribution day count remains at five and three, respectively.
