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News in Brief
Bloomberg:
- QQQ Churns in late hours on Apple, Amazon earnings.
- China rally is just an opportunity to sell for many global funds.
MarketWatch:
- Opinion: Apple is slogging toward a mediocre milestone not seen in 22 years.
- AMD among ‘best positioned’ AI players analyst says.
- Amazon beats earnings expectations on e-commerce sales, AWS; stock jumps 9%.
- Richmond Fed’s Barkin says inflation remains too high, expects economy to slow.
- Bank of England hikes interest rates to highest level since financial crisis.
- Morgan Stanley has downgraded China.
yahoo! finance:
- Amazon jumps after earnings crush.
- Apple revenue drops again, iPhone sales underwhelm.
- Stocks finish lower amid downgrade fallout, more earnings.
- The Fitch downgrade is just an excuse for stocks to sell off.
- Fitch downgrade a ‘minor’ thing: Intel CEO.
The late earnings that came through will have an effect on markets today while stocks finished lower yesterday.
Global Indexes
S&P 500
The S&P 500 closed lower with a small body candle in oversold territory. The futures are positive after late earnings reports.
DAX
The DAX made a gap and closed with a hammer candle, also in oversold territory. This can be an exhaustion gap if market moves positive today. The hammer is an unconfirmed turning candle.
HANG SENG
The HANG SENG bounced on its 200-day moving average to trade just above its EMA8 line in positive territory. A break down below its 200-day moving average would have been very negative.
NYSE & NASDAQ Stocks
Advanced Micro Devices Inc
After the Fitch scare Advanced Micro Devices found support at support at the gap that was created 10 weeks earlier. It is still below its negative trend line with a red MACD, but best AI poised share as analyst predicts in news.
Berkshire Hathaway B Inc
Berkshire Hathaway only made a doji candle with the Fitch scare and then continued its positive trend.
JSE Stocks
JSE All Shares
The JSE All Shares made a hammer candle on its 200-day moving average to bounce back above its 50-day moving average. This is the longest leg hammer candle we have seen in a long time.
Anheuser-Busch
After long-legged small body candle on support, Anheuser-Busch made a breakaway gap to start a new positive trend above its major resistances. Notice that the MACD also turned green.
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.
