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News in Brief
Bloomberg:
- Maker of $555,000 flying motorbike sinks after SPAC-Deal debut.
- Stock Euphoria deflated with Powell as ‘Wild Card’.
MarketWatch:
- Look for stocks to drop 30% from here, says strategist David Rosenberg. And don’t even think about turning bullish until 2024.
- U.S. stocks fall for second session as hot jobs report, higher yields rattle investors.
- Stock market poised for next leg lower as profits shrink, says Morgan Stanley’s Mike Wilson.
- Bed Bath & Beyond stock plunges as execs look for $1 billion share sale to get out of loan default.
Do not let the market news scare you. Rather follow the trend of each share individually.
Global Indexes
S&P 500
The S&P 500 corrected some more and touched its EMA8 line, still closing above it.
DAX
The DAX also closed lower and also touched its EMA8 line.
HANG SENG
The HANG SENG bounced today but is still trading below its EMA8 line in negative territory.
NYSE & NASDAQ Stocks
Bed Bath Beyond Inc
Investors must have believed that the execs will solve Bed Bath Beyond’s loan default problem as the share soared 92% for the day. High price swings can be expected for low value shares.
Tesla Inc
Tesla was one of the 4 top gainers listed on the S&P 500 during a negative day for the index. Analysts are predicting higher targets for this share. Stay with the trend until broken!
JSE Stocks
JSE All Shares
Although Frontrunner is in a negative trend, the JSE All Shares is actually holding up well with its sideways movement.
Pick n Pay Stores Ltd
While SPAR is still trending positively, Pick n Pay has corrected to its R51 level. It closed with a small body long-legged candle (turning candle) in very oversold territory. Time to wait for confirmation of a turn!
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.
