TAGS: Software for stock analysis
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News in Brief
Bloomberg:
- Asia stocks mixed as investors prepare for US CPI.
- European, US futures rise, Yuan up after China CPI.
- Stocks finish well off lows as dip buyers step in. (Tuesday)
- Italy’s new tax wipes out $10 billion from market.
MarketWatch:
- Strategist who called 2023 US stock rally says S&P 500 will go nowhere for rest of 2023, and likely in 2024 too.
- ‘Alarming’ China data upsets global financial markets.
- Bank EFT’s slide after credit downgrades, warnings rattle sector.
- Disney looking to crack down on password sharing, following Netflix’s lead.
yahoo! finance:
- Over $200 billion of Apple’s market cap has vaporized since Thursday.
Poor China economy data extended their negative trend and also stalled global markets.
Global Indexes
S&P 500
After poor China economy data, the S&P 500 is also extending its short-term negative trend line and is touching its next support in oversold territory.
DAX
The DAX only touched its EMA8 line and then dropped to close near the bottom levels of the day.
HANG SENG
Similar to the other indexes the HANG SENG remains in negative territory. The only good news is that all of them are moving into oversold territory..
NYSE & NASDAQ Stocks
Apple Inc
Apple has dropped 9.7% since starting to correct from its $197 top resistance. Although it is in oversold territory, this could only be leg a of an abc correction. Notice where its MACD turned red.
salesforce.com Inc
salesforce.com is testing support with no sign that it will hold other than being in oversold territory.
JSE Stocks
JSE All Shares
The JSE All Shares was closed yesterday, but on Tuesday it made a hammer candle touching its 50-day moving average. A hammer candle is a turning candle, and the index is in oversold territory, but global markets will influence the next move.
Quilter Plc
Quilter made a breakaway gap that broke its negative trend, EMA8 and 50-day moving average lines. It closed just below its last resistance, its 200-day moving average. All this happened in very oversold territory with a large volume, MACD turning green and Frontrunner broke up 2 days earlier.
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.
