Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

William Demant Holding A/S / Technical Analysis

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.</li>
<li>No reason to be anything but bullish if ACWI-US is above its 2-month base at $158-$159, ACWX-US is above $76-$76.50, and EFA-US is above its 6-month base at $105-$105.50.</li>
<li>These levels are being tested now; we expect these levels to hold, and we would get more cautious if they break.</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.
No reason to be anything but bullish if ACWI-US is above its 2-month base at $158-$159, ACWX-US is above $76-$76.50, and EFA-US is above its 6-month base at $105-$105.50.
These levels are being tested now; we expect these levels to hold, and we would get more cautious if they break.


MSCI ACWI Testing Base Support; Focus on Non-A.I. Areas: Energy, Shipping, Healthcare,Software,Telco

<ul>
<li>ACWI-US remains above its 2-month base and EAFE(EFA-US) remains above its 5.5+month base, however, 2-week flag patterns have resolved to the downside, giving us reason for pause in the near-term.</li>
<li>We view Tuesday's price action as "a day to take notice" and suggests that the bounce in MSCI EM (EEM-US) and A.I. names since late-July has potentially run its course</li>
<li>We are much more neutral on EEM-US and A.I. names and see more choppiness ahead. We still see plenty of opportunity in non-A.I. names.</li>
</ul>


ACWI-US remains above its 2-month base and EAFE(EFA-US) remains above its 5.5+month base, however, 2-week flag patterns have resolved to the downside, giving us reason for pause in the near-term.
We view Tuesday's price action as "a day to take notice" and suggests that the bounce in MSCI EM (EEM-US) and A.I. names since late-July has potentially run its course
We are much more neutral on EEM-US and A.I. names and see more choppiness ahead. We still see plenty of opportunity in non-A.I. names.


Still Plenty of Opportunity in Non-A.I. Names; A.I. Bounce Over?; Buys: Energy, Healthcare, Shipping

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).</li>
<li>We have also remain near-term bullish on MSCI ACWI since our April 23, 2026 Int’l Compass, and we continue to expect support at the 50-day MA on ACWI-US</li>
<li>We take a closer look at SK Hynix and Micron</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).
We have also remain near-term bullish on MSCI ACWI since our April 23, 2026 Int’l Compass, and we continue to expect support at the 50-day MA on ACWI-US
We take a closer look at SK Hynix and Micron


US Dollar Breakout; Watching SK Hynix (000660-KR) And Micron (MU-US); Should You Be Concerned? No.

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>Our 2023 outlook, initially discussed in our January 6th 2023 Int'l Compass, was for $93 to cap upside on the MSCI ACWI (ACWI-US); this has again proven prescient.</li>
<li>Since late-January/early-February we have recommended shifting to defensives, and MSCI ACWI defensive Sectors including Health Care (IXJ-US), Utilities (JXI-US), and Consumer Staples (KXI-US) are now hitting 3-4-month RS highs.</li>
<li>With the ACWI-US just now starting to turn down after testing $93, we continue to recommend a tactical overweight to the aforementioned defensive Sectors, and also to gold miners (GDX-US).</li>
</ul>


Our 2023 outlook, initially discussed in our January 6th 2023 Int'l Compass, was for $93 to cap upside on the MSCI ACWI (ACWI-US); this has again proven prescient.
Since late-January/early-February we have recommended shifting to defensives, and MSCI ACWI defensive Sectors including Health Care (IXJ-US), Utilities (JXI-US), and Consumer Staples (KXI-US) are now hitting 3-4-month RS highs.
With the ACWI-US just now starting to turn down after testing $93, we continue to recommend a tactical overweight to the aforementioned defensive Sectors, and also to gold miners (GDX-US).


Stay Tactically Overweight Defensives; Remain Overweight Europe, Japan, & EAFE. Buys in Defensives

iShares Global Healthcare ETF / Technical Analysis

<ul>
<li>As recently as last week and throughout February/March we have recommended shifting to defensives due to our belief that $93 will cap upside on the $ACWI in 2023.</li>
<li>MSCI ACWI defensive Sectors including Health Care, Utilities, and Consumer Staples are hitting 2+ month RS highs, and are staging bullish price and RS reversals, as are gold miners (GDX-US).</li>
<li>This confirms our belief that now is the time to be tactically overweight defensives. We highlight buys in Health Care, Gold Miners, and Utilities, with the vast majority from Europe</li>
</ul>


As recently as last week and throughout February/March we have recommended shifting to defensives due to our belief that $93 will cap upside on the $ACWI in 2023.
MSCI ACWI defensive Sectors including Health Care, Utilities, and Consumer Staples are hitting 2+ month RS highs, and are staging bullish price and RS reversals, as are gold miners (GDX-US).
This confirms our belief that now is the time to be tactically overweight defensives. We highlight buys in Health Care, Gold Miners, and Utilities, with the vast majority from Europe


Defensives Worthy of a Tactical Overweight; Buys in Global Health Care, Gold Miners, and Utilities

Denmark

Demant A/S develop, manufacture, and sell products and equipment that help people with hearing loss connect and communicate. The Company focus on hearing devices and implants, diagnostic instruments, and personal communication. Demant serves customers worldwide.

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William Demant Holding A/S (DEMANT DC)

MSCI ACWI Testing Base Support; Focus on Non-A.I. Areas: Energy, Shipping, Healthcare,Software,Telco

MSCI $ACWI Testing Base Support ($158-$159 and $156.50); Focusing on Non-A.I. Areas. Actionable Themes: Energy, Marine Shipping, Services, Health...

Vermilion Research

Still Plenty of Opportunity in Non-A.I. Names; A.I. Bounce Over?; Buys: Energy, Healthcare, Shipping

Still Plenty of Opportunity in Non-A.I. Names; A.I. Bounce Over?; Buys in Energy $XLE $FTI $CVE $CNQ, Health Care, and Marine Shipping. Tuesday's...

Vermilion Research

US Dollar Breakout; Watching SK Hynix (000660-KR) And Micron (MU-US); Should You Be Concerned? No.

U.S. Dollar Breakout; Watching SK Hynix (000660-KR) and Micron (MU-US); Should You Be Concerned About Technology? No.; Bullish Outlook Intact. Buys...

Vermilion Research

Stay Tactically Overweight Defensives; Remain Overweight Europe, Japan, & EAFE. Buys in Defensives

$93 on $ACWI continues to be a key resistance that we have discussed since early-Jan as capping upside for 2023. Stick with defensives $IXJ $XLV...

Vermilion Research

Defensives Worthy of a Tactical Overweight; Buys in Global Health Care, Gold Miners, and Utilities

We have recommended shifting to defensives throughout Feb/March due to our belief that $93 will cap upside on $ACWI. We highlight buys within...

Vermilion Research

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