Moon Trip for Musk while Tesla Stock Slides

News in Brief

Bloomberg:

  • Tesla’s stock slide has Korean day traders boosting purchases
  • Hope blooms for China stocks as analysts stop cutting estimates

MarketWatch:

  • Elon Musk wants to cut Tesla staff by 10%. What that says about EV demand?
  • Dow’s drop led by losses for shares of Apple & Intel
  • U.S. economy added a greater-than-forecast 390,000 jobs in May, and unemployment stays at 3.6%
  • Biden dismisses Elon Musk’s ‘super bad feeling’, wishes Tesla and SpaceX boss ‘lots of luck on his trip to the moon’

Yahoo! finance:

  • Nasdaq drops 2.5% after May jobs, Musk’s warning
  • BofA’s US stock chief sees a floor of 3200 for the S&P500 (potential downside of 22%)

Global markets are very volatile, but managed to stay above their EMA8 lines.

Global Indexes

S&P 500

Musk’s warning made the S&P 500 drop 1.6%, but it still managed to stay above its EMA8 line.

Nasdaq

The Nasdaq made the biggest drop, but also managed to stay above its EMA8 line.

DAX

The DAX also took a breather above its EMA8 line. Do notice that all the indexes are in semi-overbought territory.

HANG SENG

This market was closed on Friday. Struggling to stay above water on Thursday, the HANG SENG touched its support lines and bounced on them today with a positive move.

NYSE & NASDAQ Stocks

Tesla Inc

Tesla reversed its positive move after Musk’s warning.

Caterpillar Inc

Caterpillar ignored the correction and continued its positive trend. It is however moving into overbought territory.

JSE Stocks

Satrix 40 Portfolio

The Satrix 40 Portfolio is also very volatile against resistance with 4 uncertain candles next to each other.

FirstRand Limited

The market approved the results of FirtsRand and it gained 4.7%.

Algomodel Startegies, Education & Features

Click on Education or go to the home page to view education posts.

Frontrunner, Gaps, Trend and Cyclic Indicators are explained in these education posts.

All stock graphs are shown with a Trend Candles Template which is a feature available in Algomodel Signals Pro.

We are currently revisiting all the educational posts and will publish revised versions as they are completed.

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