Bounce in U.S. caused by Dip-buying

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Bloomberg:

Ray Dalio does the math: Rates at 4.5% would sink stocks by 20%
Stocks rebound in see-saw session after inflation-fueled rout
Cathie Wood goes on biggest dip-buying binge since February
Bernstein Quants say $7.6 trillion US bear market has more to go

MarketWatch:

Markets are waking up to the notion that inflation hasn’t peaked
It’s a great time to scoop up bargain stocks

The news items contradict each other, only to show that the future is unpredictable. Stay with buying in oversold territory and selling in overbought territory.

Global Indexes

S&P 500

The bounce of the S&P 500 is not very convincing in all negative territory. At least the 3900 level is still holding.

DAX

The DAX also closed in all negative territory with its 13 000 level still acting as support.

HANG SENG

The HANG SENG, also in all negative territory, is building a short-term support on its 18 800 level. Will it hold?

NYSE & NASDAQ Stocks

Tesla Inc

Traders are giving targets for Tesla higher than my next resistance. Interesting to note, not easy to see, that the MACD just turned positive with a value of 3.5.

EOG Resources Inc

Another share where the MACD just turned positive is EOG Resources. The latest version of Algomodel Pro highlights these MACD signal line breaks in Spotlight.

JSE Stocks

JSE All Share

The JSE All Share stalled with a hammer candle in semi-oversold territory. Notice that the MACD is also on the verse of turning positive.

Woolworths Holdings Limited

Woolworths concluded its strong rally at its previous high. Look at the sequence: Frontrunner warning, two small body candles in very overbought territory, MACD changing color and lastly the breakaway gap down.