Bearish Reversal at Negative Trend Lines

Bloomberg:

  • Big tech sinks stocks bruised by recession jitters
  • Recession risks put Canada’s stock market beat in jeopardy

MarketWatch:

  • How long will stocks stay in a bear market? It hinges on whether a recession hits, says Wells Fargo Institute
  • Dow closes nearly 500 points lower as weak economic data rattle markets

The long term negative resistances in place remain strong and we had quite a few stocks bouncing down from it.

Global Indexes

S&P 500

The S&P 500 made a candle pattern as close as can come to an evening star (Bearish Reversal). See the lesson on candlestick patterns.

DAX

The DAX is also making indecision high wave candles on the EMA8 line.

HANG SENG

Also an unsure doji for the HANG SENG just below the 22500 resistance level.

NYSE & NASDAQ Stocks

Amazon.com Inc

The negative trend line acted as resistance for Amazon.com. The bearish candle formation is very close to a three inside out formation.

Apple Inc

The negative resistance line was just too strong for Apple Inc and it bounced down from it.

JSE Stocks

Satrix 40 Portfolio

The Satrix 40 Portfolio is also undecided about direction with a long-legged small body candle.

Compagnie Financiere Richemont SA

Richemont broke its negative trend line, but with the global negative sentiment, we will have to see if it will hold?

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.

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