TAGS: Technical analysis
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News in Brief
Bloomberg:
- AMC’s Meme stock antics open the door for ‘Home Run’ arbitrage.
- This week in China: The world’s best stocks need new buyers.
- This year’s emerging-market rally is already in danger of slowing.
MarketWatch:
- Opinion: US stocks have been a no-brainer moneymaker for years. Those days are over.
- US stocks fall after blowout jobs report and disappointing earnings news.
- Opinion: That blowout jobs report was actually three times stronger than it appeared.
The Nasdaq drop did not close the previous day’s open window (gap), nor did it close below its EMA8 line. We will still have to wait to know if it made an exhaustion gap while earnings season continues with media and consumer stocks in the spotlight.
Global Indexes
S&P 500
The S&P 500 made an uncertain long-legged doji. The close was still well above its EMA8 line.
DAX
The DAX made an uncertain small body candle inside the previous day’s bull candle. Also above its EMA8 line.
HANG SENG
The HANG SENG closed below its EMA8 line in negative territory on Friday and this morning it made a breakaway gap downwards. Notice that its positive trend line is also broken.
NYSE & NASDAQ Stocks
Apple Inc
Apple made an engulfing bull candle after the breakaway gap to lift into positive territory above its 200-day moving average.
Adobe Systems Incorporated
After its exhaustion gap, Adobe Systems made an uncertain long-legged doji and followed it up with a breakaway gap downwards. The doji had divergence in place, and in our books signaled a top.
JSE Stocks
JSE All Shares
The JSE All Shares remains uncertain with its sideways move and yellow trend candle.
Sasol Ltd
We warned previously that Sasol was making a top against strong resistance in overbought territory with 2 long-legged doji’s. Frontrunner then broke down and its MACD is on the verge of turning red. It is following the Brent Crude price downwards.
Algomodel Strategies, 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.
