TAGS: South African market analysis
Bloomberg:
- Volatility is only certain for stocks with inflation data due
MarketWatch:
- Hot CPI reading cements expectations of 75-basis point Fed rate rise in November
- Jobless claims rise to highest level since August
- Fed’s benchmark interest rate may peak above 5% after Sept inflation data, some economists think
- Dow ends over 800 points higher as stocks stage massive turnaround after hot inflation reading
The news remains negative, and the latest CPI reading send stocks over cliff edge. After stocks made a massive drop, the turnaround came to confirm the volatility.
Global Indexes
S&P 500
The S&P 500 made one gigantic engulfing bull candle that broke the EMA8 line. Notice that we had a 5-leg correction and not the usual abc.
DAX
Similar for the DAX.
HANG SENG
The HANG SENG also lifted its head this morning but did not manage to break its EMA8 line yet.
NYSE & NASDAQ Stocks
Bank of America Corp
My old favorite, Bank of America, was one of the star gainers of the day. It broke its negative trend line with a large Engulfing bull candle when divergence was in place. Notice that the MACD is on the verse of turning green.
Tesla Inc
Tesla made its engulfing bull candle on long term support. Notice where the MACD changed color and Frontrunner broke up in oversold territory.
JSE Stocks
JSE All Shares
The JSE All Shares is still trending down with Global Markets, but we have long-legged small body candles warning of a change.
Exxaro Recources Ltd
After the engulfing bull candle and divergence, Exxaro Resources took off and is currently trying to break the negative trend line.
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.
