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News in Brief
Bloomberg:
- Adani stocks climb after Eight-day rout wiped out $118 billion.
- Wall Street goes risk-on without Powells’s pushback.
MarketWatch:
- Biden targets stock buybacks.
- EBay to lay off 500 emplyees, about 4% of its workforce.
- Chipotle stock falls after ‘tightening’ consumer spending leads to second earnings miss in five years.
- Bed Bath & Beyond making ‘last gasp’ to survive before filing for bankruptcy, says analysts, warning that the equity will eventually be wiped out.
- Dow snaps 3-day losing streak after Fed Powell says the peak policy interest rate may be higher.
It was quite a volatile day in the US due to Powell’s speech. The market gained before the speech, then dropped during the speech and then gained again after the speech.
Global Indexes
S&P 500
The S&P 500 bounced on its EMA8 line after dipping below it during Powell’s speech.
DAX
The DAX is also waiting on its EMA8 line for new direction.
HANG SENG
The HANG SENG is very uncertain about direction below its EMA8 line with 2 doji’s next to each other. Notice that it moved into oversold territory.
NYSE & NASDAQ Stocks
NVIDIA Corporation
NVIDIA was one of the strong gainers of the day. Notice where the MACD turned green for this share. If you only want to use one technical indicator for direction, the MACD should be your choice.
Occidental Petroleum Corp
Occidental Petroleum made a strong bounce after the doji to close just below its 200-day moving average. It was in oversold territory.
JSE Stocks
JSE All Shares
The JSE All Shares concluded the day with an uncertain doji. The sideways movement took it into oversold territory.
PPC Ltd
PPC made a 20% gain for the day that broke its 200-day moving average. It is now back in positive territory completing its J-curve.
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.
