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

TSE Tokyo Price Index TOPIX / Technical Analysis

<ul>
<li>Major indexes in the three largest global equity markets (U.S., Europe, Japan) all remain below critical resistances of 5783 on SPX, 5000-5120 on EURO STOXX 50, and 2740-2820 on TOPIX</li>
<li>Additionally, broad global MSCI indexes (local currency) including the ACWI, ACWI ex-U.S., and EAFE all remain at/below resistance from their YTD highs; reduce exposure or shift to defensives.</li>
<li>In late-July we discussed expectations for a 1-to 4-month pullback/consolidation period on MSCI ACWI. We believe it seems likely to last closer to four months, and potentially 4- to 6-months</li>
</ul>


Major indexes in the three largest global equity markets (U.S., Europe, Japan) all remain below critical resistances of 5783 on SPX, 5000-5120 on EURO STOXX 50, and 2740-2820 on TOPIX
Additionally, broad global MSCI indexes (local currency) including the ACWI, ACWI ex-U.S., and EAFE all remain at/below resistance from their YTD highs; reduce exposure or shift to defensives.
In late-July we discussed expectations for a 1-to 4-month pullback/consolidation period on MSCI ACWI. We believe it seems likely to last closer to four months, and potentially 4- to 6-months


U.S., Europe, and Japan Still Holding Below Resistance; Favor Defensives

<p>The weight of the evidence continues to support our mixed, but overall constructive outlook. Below we outline the basis for our outlook, and we also highlight opportunities within Real Estate and Health Care.</p>

The weight of the evidence continues to support our mixed, but overall constructive outlook. Below we outline the basis for our outlook, and we also highlight opportunities within Real Estate and Health Care.

Global Equity Strategy: Opportunities In Real Estate and Health Care

Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The June 2026 index review results for the SE600 index were announced yesterday after market close.</li>
<li>There will be 12 ADD and 12 DELs for the benchmark index in June 2026.</li>
<li>The Inclusion/Exclusion events will take place at the close of trading on 19th June 2026.</li>
</ul>


The June 2026 index review results for the SE600 index were announced yesterday after market close.
There will be 12 ADD and 12 DELs for the benchmark index in June 2026.
The Inclusion/Exclusion events will take place at the close of trading on 19th June 2026.


Quiddity SE600 Jun26 Results: 91% Correctly Predicted; Few Surprises

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. It is not highly tracked, but we can expect many index changes during its quarterly review.</li>
<li>Our latest estimates suggest there could be 14 ADDs/DELs for SE600 in the June 2026 rebal.</li>
<li>The final rankings will be based on the float market caps as of the close of trading on 29th May 2026.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. It is not highly tracked, but we can expect many index changes during its quarterly review.
Our latest estimates suggest there could be 14 ADDs/DELs for SE600 in the June 2026 rebal.
The final rankings will be based on the float market caps as of the close of trading on 29th May 2026.


Quiddity Leaderboard SE600 Jun26: Base Date This Week; Many Changes Incoming

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. It is not highly tracked, but we can expect many index changes during its quarterly review.</li>
<li>In this insight, we take a look at the potential index changes for the SE600 index for the June 2026 rebal.</li>
<li>The final rankings will be based on the float market caps as of the close of trading on 29th May 2026.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. It is not highly tracked, but we can expect many index changes during its quarterly review.
In this insight, we take a look at the potential index changes for the SE600 index for the June 2026 rebal.
The final rankings will be based on the float market caps as of the close of trading on 29th May 2026.


Quiddity Leaderboard SE600 Jun26: TEN ADDs/DELs; Many Intra-Review Changes After Rebal

Sweden

Wallenstam is a Swedish real estate company that builds, develops, and manages residential and commercial properties primarily in Gothenburg, Stockholm, and Uppsala, Sweden. The company's portfolio includes approximately 230 properties, encompassing around 10,000 apartments and 1,000 commercial tenants. Additionally, Wallenstam owns and operates wind turbines for electricity generation. Headquartered in Gothenburg, Sweden, the company was founded in 1944.

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Wallenstam (WALLB SS)

U.S., Europe, and Japan Still Holding Below Resistance; Favor Defensives

U.S., Europe, and Japan Still Holding Below Resistance; Favor Defensives. Actionable Themes: Real Estate, Utilities, Telecommunications, Energy,...

Vermilion Research

Global Equity Strategy: Opportunities In Real Estate and Health Care

The weight of the evidence continues to support our mixed, but overall constructive outlook. We outline the basis for our outlook and also...

Vermilion Research

Quiddity SE600 Jun26 Results: 91% Correctly Predicted; Few Surprises

We correctly predicted 22/24 SE600 changes and 8/9 EURO STX changes for June 2026, plus the no fast-entry for Nokia for the EURO STOXX 50 index.

Afridi Reyal

Quiddity Leaderboard SE600 Jun26: Base Date This Week; Many Changes Incoming

The final rankings for the June 2026 rebal will be based on data as of 29th May 2026. The ADDs/DELs will be announced on 1st June 2026. Bank...

Afridi Reyal

Quiddity Leaderboard SE600 Jun26: TEN ADDs/DELs; Many Intra-Review Changes After Rebal

Based on the latest estimates, we now expect 10 ADDs and 10 DELs. The ADDs collectively have an inflow of around US$200mn to trade. We have one...

Afridi Reyal

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