$1 Trillion Market Value Loss for Amazon

TAGS: South Africa market analysis

Bloomberg:

China investors have snapped up $15 billion of tech stocks in HK
China stock traders are clinging to every sign of hope they see
Amazon becomes world’s first public company to lose $1 trillion in market value

MarketWatch:

Binance confirms it’s backing out of deal to buy FTX assets
Facebook parent Meta begins mass layoffs of 11 000 workers as Mark Zuckerberg says, ‘I take responsibility’
S&P 500 will fall another 16% before bottoming out at 3 200 in the middle of next year, UBS economist says
Midterm elections may not provide typical boost for U.S. stocks, Deutsche Bank warns
DeSantis viewed as frontrunner for Republican 2024 presidential nomination as Trump’s candidates flop in midterm election

The midterm election did not give a market boost as was expected.

Global Indexes

S&P 500

The S&P 500 closed below its 50-day moving average and EMA8 line to be back in all negative territory.

DAX

The DAX is also hesitating on its 200-day moving average with a long-legged doji. This moving might be too strong at the first attempt to break it.

HANG SENG

With no finality about regulations, the HANG SENG made a breakaway gap downwards to be in all negative territory. The rally speculation went up in smoke.

NYSE & NASDAQ Stocks

Amazom.com Inc

We zoomed out a bit to show the full correction of Amazon.com. Notice the top right shape of an ellipse forming with the negative trend lines.

Walt Disney Co

Walt Disney had the biggest daily loss on the S&P 500. It did so with a large gap downwards. Notice that the breakaway gap downwards happened 4 days previously.

JSE Stocks

JSE All Shares

The JSE All Shares was still hanging around its 200-day moving average without breaking it. We are in overbought territory, so it will be no surprise if it follows the US lower.