EFG Bank AG Financial Research Hub

EFG Bank AG’s technical research throughout May 2026 suggests a global equity environment characterized by prevailing bullish momentum tempered by emerging exhaustion signals. Major indices like the Euro Stoxx 50 and Japan’s TOPIX have achieved record levels or cleared significant horizontal resistance, while the S&P 500 demonstrates resilience above the 7,330 support level. However, analysts Philipp Sporka and Lara Olgiati highlight cautionary technical indicators, such as RSI divergences in US small caps and bearish reversal patterns in the Nasdaq 100 and semiconductor sectors. Regional divergence is evident as the Hang Seng and KOSPI underperform due to bearish crossovers and engulfing patterns. Meanwhile, European markets, including the Stoxx 600 and DAX, remain in constructive consolidation phases, awaiting breakouts from triangle patterns to define their next directional legs. In the commodities space, the outlook is mixed, with Brent Crude displaying a bearish head-and-shoulders structure while Gold finds support at its 200-day moving average of 4,412.50.