TAGS: South African Markets
Bloomberg:
- Ally tumbles after auto-lending giant reports slowing loans
- BofA survey ‘screams’ capitulation with rally set for 2023
- Citi says US stocks pricing recession more than any other asset
MarketWatch:
- Opinion: Tech earnings are about to dive, and there’s no life preserver in sight
- Tesla earnings are coming, but do record deliveries mask a demand problem?
- ASML said it expects ‘limited’ impact from new US restrictions on China. Shares jump after better-than-expected results
- Stock-market selloff may mean another 20% drop for S&P 500, says Wall Street veteran
- IBM stocks rallies on third-quarter results, upbeat forecast
- Walmart is still seeing ‘strong’ demand and spending, its US CEO says
All global markets made corrections yesterday
Global Indexes
S&P 500
I adjusted my negative trend line for the S&P 500 to include the 2 extreme tops. The S&P 500 corrected with an uncertain small body candle. Notice that this candle is touching the EMA8 line at the bottom and my latest trend line at the top. It has no option but breaking one of them. The current futures indicate that the EMA8 line will be broken, but I have seen that the futures can swing around 10 minutes before opening.
DAX
The 50-day moving average (dark blue) is acting as resistance for the DAX. We now have two candles touching this average.
HANG SENG
The HANG SENG made another gap downwards, continuing its negative trend.
NYSE & NASDAQ Stocks
Wal-Mart Stores
When looking at the chart of Wal-Mart Stores it is still trending sideways below the resistances of the open window that was created by the gap down.
Exxon Mobil Corporation
Exxon Mobil broke the flag it was busy forming and is on its way to test top resistance. Notice that the MACD stayed green while the flag was forming and turned light green again.
JSE Stocks
JSE All Shares
The JSE All Shares also corrected with global markets. Although the MACD remains green, it did turn to dark green.
Standard Bank Group Ltd
Banks were the top performers on the JSE with Standard Bank taking the lead with a massive 7.9% gain. Notice how well the MACD indicator is performing for this share. Many institutions only use the MACD to confirm trades.
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.
