Welcome to our weekly newsletter where we provide an overview of the main US and UK indices, along with analyses of selected assets that are outperforming the market.
Let’s get into this week’s newsletter!
US & UK INDICES OVERVIEW
The bulls continue to control the S&P 500, with the index gaining 1.0% this week. The S&P 500 closed the week at 5137 after again printing an all-time high. The index has gained 25% since the October 2023 low and 46% since the October 2022 low. The Nasdaq 100 also had another strong week with a gain of 2.0% and an all-time high. Whilst the Dow Jones recorded a modest decline of 0.2%.
We continue to see individual stocks perform well. Our portfolio currently comprises over 20 US stocks, including LLY, AMP, META and NVDA. We have compounded these assets resulting in excellent profit for our Phoenix community members.
The FTSE 100, the UK’s premier index, had another muted week with a decline of 0.3% to close at 7683. Price remains range bound between 7200 and 7750. Should strength return, the next major area of potential resistance is the pivot high from 17 April at 7936. The all-time high is 8047. We continue to monitor this index, waiting for confirmation of direction.
OUTPERFORMING ASSET FOR THE WATCHLIST
Booz Allen Hamilton – BAH
Booz Allen Hamilton Holding Corporation (informally Booz Allen) (ticker: BAH) is the parent of Booz Allen Hamilton Inc., an American management and information technology consulting firm, headquartered in McLean, Virginia, in Greater Washington, D.C., with 80 other offices around the globe. The company’s stated core business is to provide consulting, analysis and engineering services to public and private sector organisations and nonprofits.
A relatively new stock, floating in 2010, price has been in an uptrend and displayed periods of linearity such as in 2019.
BAH concluded the week at $148. Following a breakout above the $100 round number in June, price has been bullish, gaining 49%.
On the weekly time frame, BAH’s price continues to trade above both the 50 and 200 SMAs. This indicates a positive sentiment for the stock. Furthermore, our proprietary tool, the Sublime trend filter, remains green.
Whilst on the daily time frame, the Sublime trend filter also maintains its green signal, reinforcing the stock’s positive momentum. BAH’s price is trading above the 20, 50, and 200 SMAs, underscoring its bullish sentiment. Following the latest earnings report where price gapped up over 13%, price has been consolidating.
Looking ahead, the next potential obstacle for BAH is the $150 round number. A continuation pattern above the all-time high could present a promising opportunity for our Phoenix community members. BAH’s bullish long-term trend makes it a stock worth considering.
OUTPERFORMING ASSET FOR THE WATCHLIST
Quanta Services Inc. – PWR
Quanta Services (ticker: PWR) is an American corporation that provides infrastructure services for electric power, pipeline, industrial and communications industries. Capabilities include the planning, design, installation, program management, maintenance and repair of most types of network infrastructure. Quanta Services employs about 40,000 people. Its operating companies achieved combined revenues of about $11 billion in 2018. It is headquartered in Houston, Texas. In 1998, Quanta went public on the New York Stock Exchange and was added to the S&P 500 index in June 2009.
PWR has demonstrated a strong, bullish trend since July 2020, solidifying its position as a top-performing stock. Throughout the majority of 2023 the stock has maintained its bullish stance, delivering a gain of 35%. Whilst 2024 has started with bullish momentum, gaining over 24% in January.
Examining the weekly time frame, PWR continues to trade above both the 50 and 200 SMAs. Our proprietary tool, the Sublime trend filter, is displaying a green status, highlighting the prevailing positive sentiment.
Shifting focus to the daily time frame, the Sublime trend filter also maintains its green status, reinforcing the favourable trend. PWR’s price remains above the 20, 50, and 200 SMAs.
Looking ahead, the next significant area of potential resistance is the $250 round number. Should PWR exhibit a continuation pattern above this level, it could present a promising opportunity for our Phoenix community members, considering PWR’s robust bullish long-term trend.
Looking Ahead
The bulls remain in control of the US equity markets. We have a large number of positions which are profiting from this momentum. As always, we will let price dictate our next move.
At Sublime, our unwavering commitment lies in conducting thorough analysis based on objective data and factual evidence presented in the charts. By adopting this approach, we aim to provide valuable guidance to our esteemed Phoenix community, collectively exploring opportunities that hold the potential for long-term, profitable trades.
Keep it simple. Keep it Sublime.
The ST Team
P.S. Answer 21 rapid-fire questions about your investing approach and then as if by magic, we will give you recommendations that are right for you and you’ll unlock your FREE Bonuses that will improve your investing results over the next 3 to 5 years.
