TAGS: Technical analysis
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News in Brief
Bloomberg:
- Chinese stocks in Hong Kong drop as property woes sour sentiment.
- Arm ends second day of trading lower after strong debut.
- Dow Industrials paying price for leaving out Amazon and Alphabet.
MarketWatch:
- Powell could still hammer US stocks on Wednesday even if the Fed doesn’t hike interest rates.
- US stocks fall, S&P 500 books another weekly loss amid worries over inflation pressure, auto worker strike.
- Opinion: For better gains in tech stocks from here, look beyond the ‘Magnificent Seven’.
yahoo! finance:
- Stocks slide to end volatile week lower, with Fed in focus.
- UAW launches unprecedented strike at Big 3 automakers.
The inflation spook is back in the US causing a selloff on Friday with Fed in focus.
Global Indexes
S&P 500
The top resistance trend line of the S&P 500 is getting stronger with 4 touches. The selloff made the index close below its 50 DMA in negative territory.
DAX
Although the DAX made a gap, it stalled on its 50 DMA resistance.
HANG SENG
The HANG SENG stalled with a high wave candle against two negative trend lines and has now made 4 turning candles the past 5 days. Today it is trading lower, but with a doji.
NYSE & NASDAQ Stocks
Adobe Systems Inc
The selloff of Adobe came with a downwards breakaway gap. It closed on its 50 DMA support … will it hold? Frontrunner does not think so and also notice where Frontrunner broke down.
Mastercard Inc
Mastercard is still hanging on its top resistance with divergence in place and a MACD that turned red.
JSE Stocks
JSE All Shares
The JSE All Shares also stalled on its negative trend line with a large upper shadow candle.
Northam Platinum Holdings Ltd
Platinum shares were still moving strong with Northam Platinum a late starter out of the blocks. Notice the long-legged doji at the turn.
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.
