Stock Optimism Evaporates

Bloomberg:

  • Stock optimism evaporates with Apple hiring plans
  • Morgan Stanley, Goldman say stocks have yet to find a bottom
  • Goldman says it’s premature to dismiss inflation fears

MarketWatch:

  • Dow books biggest drop in more than two weeks after report about Apple’s plans to slow hiring spending
  • Analyst who called summer stock-market bounce now sees more S&P500 upside

Just as fast as the bounce came, it evaporated? You can expect a lot of volatility at this bear market turn.

Global Indexes

S&P 500

The S&P 500 stalled at 2 resistance lines and closed on the EMA8 line.

DAX

Although the DAX made a positive move, it is also hesitant at a resistance level.

HANG SENG

The HANG SENG is also hesitant below its EMA8 line.

NYSE & NASDAQ Stocks

Apple Inc

Apple was the cause of the stalling in the U.S. Notice that it happened at a strong resistance in overbought territory. It first made a doji against resistance and followed it up with a engulfing bear candle.

Devon Energy Corp

Although quite a few shares stalled, we also had some more breakaway gaps. Devon Energy made a breakaway gap after turning with divergence.

JSE Stocks

Exxaro Resources Ltd

Exxaro Resources made the strongest move on the JSE and closed just below its negative trend line. We had a level 3 divergence at the turn.

Anglo American plc

Anglo American came back to touch its negative break line again and then made a breakaway gap yesterday.

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.

Algomodel Signals
Algomodel Signals
Algomodel Signals Pro
Algomodel Signals Pro

Leave a Comment

Your email address will not be published.