Bloomberg:
- BofA sees cracks finally forming in traders’ S&P 500 bearishness
- Brace for ‘Recession Shock’ as outflows rock equities, Bank of America says
MarketWatch:
- U.S. economy creates 315 000 jobs in August. Labor market maintains strength
- Dow down 338 points at close on Friday session marked by 845-point intraday swing
yahoo! finance:
- Stocks tumble into the close ahead of holiday weekend
While I was away, we had a serious correction from top resistances. On Friday the futures were all positive, but then an intraday selloff came. Were people just scared of the long weekend, or is the correction still in full swing?
Global Indexes
S&P 500
The S&P 500 touched its 200-day moving average and then started correcting. This average line is a very strong resistance. The selloff took place ahead of a long weekend, in oversold territory and on support. I will not be surprised if we get a bounce on Tuesday.
NASDAQ
The NASDAQ is very similar to the S&P 500, also in very oversold territory. It is below all resistances still trending downwards.
DAX
The DAX made a strong bounce out of its oversold territory with a 3.3% gain.
HANG SENG
The break of its negative trend line only lasted 2 days for the HANG SENG and then it started correcting again. It is currently trading below the trend line and a previous support in all negative territory.
NYSE & NASDAQ Stocks
Albemarle Corporation
Albermarle Corporation did reach top resistance and then gave an engulfing bear candle with divergence to start correcting. Notice the MACD also broke its signal line.
Apple Inc
Similar to the index, Apple is still correcting. It is also in very oversold territory and Frontrunner wants to break up with a Power signal.
JSE Stocks
JSE All Shares
The JSE All Shares also started correcting with the U.S. and on Friday it made an engulfing bull candle in oversold territory.
Northam Platinum Holdings
Northam Platinum Holdings also made an engulfing bull candle on support with its 4.5% gain.
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.
