lang-en WEEKLY-REPORT

Markets still buying, but with weak thrust: a two-speed Europe

Constructive macro regime but weak thrust: five of seven indices in buy with contained strength and a two-speed Europe, with France and the UK already selling. Rotation favours technology and banks; defensive sectors lag behind.

29 May 2026 · 11 min read min read

Weekly recap · May 29, 2026

Markets still buying, but with weak thrust: a two-speed Europe

📅 May 29, 2026 ▲ Constructive sentiment 17 new signals · 7 indices · 22 sector ETFs

WEEKLY-REPORT

The week in view

The underlying picture stays constructive: risk appetite is there and no systemic stress is showing. Beneath the surface, though, the thrust is less convinced than it looks — most indices are buying, but with contained strength. In Europe the pace is uneven: Germany and Italy hold up, while France and the UK have already turned to sell. It is a week where entry discipline matters more than haste.

Macro regime

market context

Risk-On

Risk appetite present, contained volatility and no systemic stress signal.

VIX

Neutral

MOVE

Favorable

DXY

Neutral

Breadth

Neutral

Main indices

7 Broad ETFs

Five of the seven benchmark indices remain in buy, but nearly all with modest strength: the move is there, the conviction less so. In the US the small-cap Russell is the most resilient; S&P 500 and Nasdaq keep going without accelerating. In Europe the picture is split: DAX and FTSE MIB still buying, CAC 40 and FTSE 100 turned to sell.

State Street SPDR S&P 500 ETF (SPY)Buy · open

The S&P 500 is in a buy started six weeks ago and the weekly signal stays valid. Signal strength, however, is very contained: the trend continues but without fresh thrust. It remains a solid US-market reference, to follow without chasing.

Signal Strength0 / 100

Invesco QQQ Trust Series I (QQQ)Buy · open

The Nasdaq 100 continues the buy started six weeks ago. Signal strength is low relative to the segment's potential: tech leadership is there, but momentum is not expanding. A reference reading of the sector, not a call for immediate entry.

Signal Strength17 / 100

iShares Russell 2000 ETF (IWM)Buy · open

The Russell 2000 is the most resilient US index: buy in progress and medium strength, the best of the US group. A full confirmation of a rotation toward small risk is still missing. Worth monitoring as a gauge of speculative appetite.

Signal Strength38 / 100

Multi Units France Sicav (CAC)Sell

The CAC 40 has turned to a weekly sell: the prior bullish signal has been invalidated. Strength is low, consistent with a phase of relative weakness for the French market. Caution until a buy signal returns.

Signal Strength16 / 100

Amundi DAX II UCITS ETF Acc (DAX)Buy · open

The DAX 40 stays in buy, the most convinced among the still-bullish continental European indices. Strength is contained: structure holds, but without fresh thrust. A relative-strength reference for the euro area.

Signal Strength11 / 100

Amundi FTSE MIB UCITS ETF (MIB)Buy · open

The FTSE MIB continues the buy started in prior weeks. Strength is very contained: the move lacks fresh energy. It keeps pace with Germany but without standing out: a neutral-to-positive read on the Italian market.

Signal Strength0 / 100

iShares Core FTSE 100 UCITS ETF (ISF)Sell

The FTSE 100 is in a weekly sell: like France, it has invalidated the prior bullish signal. Strength is very low. The UK market lags continental Europe. Caution until a new buy signal.

Signal Strength3 / 100

Sector rotation

US · Europe

In the US technology leads, while defensives (consumer staples, materials) lag. In Europe banks, telecoms and technology pull ahead. In both areas the rotation favours risk over defensive sectors.

US sectors

XLK

State Street Technology Select

rising · +2.37%

XLV

State Street Health Care Selec

rising · +2.13%

XLRE

State Street Real Estate Selec

rising · +1.71%

XLY

State Street Consumer Discreti

rising · +1.59%

XLU

State Street Utilities Select

rising · +1.43%

XLE

State Street Energy Select Sec

rising · +1.35%

XLP

State Street Consumer Staples

falling · -0.85%

XLC

State Street Communication Ser

falling · -1.24%

XLB

State Street Materials Select

falling · -1.41%

European sectors

EXV3

iShares STOXX Europe 600 Techn

rising · +6.15%

EXV1

iShares STOXX Europe 600 Banks

rising · +3.53%

EXV2

iShares STOXX Europe 600 Telec

rising · +3.05%

EXV4

iShares STOXX Europe 600 Healt

rising · +2.37%

EXH4

iShares STOXX Europe 600 Indus

rising · +2.18%

EXH1

iShares STOXX Europe 600 Oil &

rising · +1.30%

EXH9

iShares STOXX Europe 600 Utili

rising · +0.95%

EXV6

iShares STOXX Europe 600 Basic

falling · -0.63%

EXHG

falling · -0.80%

Confirmed Buy signals

at the confirmation week

SolarEdge Technologies, Inc.

Datadog, Inc. Class A

Strength 86

›

EU/UK

British American Tobacco plc

Strength 56

›

Ranker rankings

Top by Signal Strength

The rankings sort instruments by signal strength within each category and state. Among new buy opportunities the higher-momentum names stand out; on the other side, the strongest sell signals show where downside pressure is more structural.

US stocksThis week's new Buy signals

ASTS

AST SpaceMobile, Inc. Class A

Spotify Technology SA

Strength 72

› 5

IBM

International Business Machines Corporation

Strength 66

› See all 13 →

US stocksBuy signals from previous weeks

Advanced Micro Devices, Inc.

Strength 87

› 3

APLD

Applied Digital Corporation

BigBear.ai Holdings, Inc.

Strength 87

› See all 170 →

US stocksSell signals (decline)

Regeneron Pharmaceuticals, Inc.

› See all 80 →

EU-UK stocksThis week's new Buy signals

iShares Core S&P 500 UCITS ETF

Strength 29

›

EU-UK stocksBuy signals from previous weeks

DLY_IFX

Infineon Technologies AG

Strength 97

› 2

BMPS

Banca Monte dei Paschi di Siena S.p.A.

Strength 89

› 3

Mediobanca - Banca di Credito Finanziario S.p.A.

Brunello Cucinelli S.p.A.

Strength 83

› See all 55 →

EU-UK stocksSell signals (decline)

Bayerische Motoren Werke AG

› See all 57 →

Methodology note — Nothing written here constitutes financial advice, a solicitation to buy or sell financial instruments, or any kind of recommendation. Past performance is not indicative of future results. Trading involves significant risk of loss; the user acts under their own responsibility. Signal Strength is an internal analytical framework used only to rank relative technical quality within the basket. © Fabio Gentili.