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News in Brief
Bloomberg:
- Wall Street sees worst week of 2023 on Fed jitters.
MarketWatch:
- Bed Bath & Beyond lifeline comes at ‘incredible cost’ to shareholders, analyst warns.
- Traders brace for a blowup as cost of protection for U.S. stocks hits highest level since October.
- Stocks end mostly higher, but S&P 500, Nasdaq book worst weekly losses since December.
The news remains contradictory. The only advice we can give is: “Stay with individual stock trends.”
Global Indexes
S&P 500
The S&P 500 made a small bounce on its short-term trend line, but still closed below its EMA8 line.
DAX
The DAX made a breakaway gap downwards after the inverted hammer candle to close just below its EMA8 line. We see below EMA8 line as short-term negativity and below its 50-day moving average as long-term negativity.
HANG SENG
The HANG SENG’s long-term positive trend line is broken, and a short-term negative trend line is active. Both the negative trend and EMA8 lines need to be broken to signal positive moves again.
NYSE & NASDAQ Stocks
Tesla Inc
After the gap and doji, profit taking stepped in for Tesla. We have to assume that it was an exhaustion gap and also notice that we have divergence in place that signals a top. If it makes another correction today, the positive trend line will be broken and trend candles will most probably turn yellow.
Occidental Petroleum Corp
We showed Occidental Petroleum last week when it broke its short-term negative trend line. It then hesitated at its 50-day and 200-day moving averages with a small J-curve. On Friday it broke these resistance averages and started forming a new positive trend line.
JSE Stocks
JSE All Shares
The JSE All Shares corrected to the bottom of its flag after the doji. Frontrunner is still heading down and the MACD remains red.
Absa Group Ltd
Absa broke its positive trend line with a 7.2% drop for the week. Frontrunner is predicting that more lows are coming and notice where the MACD turned red to warn you!
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.
