Powell Scare - Algomodel

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News in Brief

Bloomberg:

Nasdaq 100 drops 2% as yields rise before Powell.

MarketWatch:

Opinion: If the S&P 500 breaks key support level, bulls will be in trouble.
Disney’s stock closes at a 9-year low, and it still may not be cheap.
Stocks fall as markets prepare for Powell’s Friday speech at Jackson Hole symposium.

yahoo! finance:

Dow Jones dives 374 points as Powell speech risks rise.
Elon Musk shows off production Cybertruck in Texas.

Powell’s speech today is seen as a risk for markets.

Global Indexes

S&P 500

The S&P 500 made a large engulfing bear candle against its 50-day moving average. This average is acting as resistance and the negative trend stays in play as the index also closed below its EMA8 line.

DAX

Similar for the DAX. We adjusted our negative trend lines to include the engulfing bear candles.

HANG SENG

The HANG SENG also opened today below its negative trend and EMA8 lines. We remain in negative territory.

NYSE & NASDAQ Stocks

Advanced Micro Devices Inc

Advanced Micro Devices also made a large engulfing bear candle. It still managed to close above 2 major long-term trend lines. Notice that its 50-day moving average (dark blue) also acted as resistance.

Bank of America Corp

Bank of America made a doji on its long-term support line and then lifted its head slightly. Most of the share will be in trouble if their supports do not hold.

JSE Stocks

JSE All Shares

Although the JSE All Shares closed with a gain it also retreated from its high as the US retreated to close with a candle that has a large upper shadow.