TAGS: Technical analysis software.
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News in Brief
Bloomberg:
- Asia stocks fall as China drags with data miss.
- Bond yields fall on signs Fed is in ‘Sweet Spot’.
- The $7 trillion ETF boom gets blamed again for dumb stock moves.
MarketWatch:
- US stocks to fall around 8% next year, says JP Morgan.
- Wall Street’s fear gauge drops below 13.
- Tesla’s stock fought the downtrend and the downtrend won, for now.
- Salesforce’s stock rise on strong quarterly earnings.
yahoo! finance:
- JPMorgan brings out bear case for stocks in 2024.
- Salesforce earnings top estimates, issues upbeat forecast.
- Amazon Web Services CEO: AI to take a big leap.
Markets in the US are showing signs of exhaustion as it nears top resistance while the Hang Seng is nearing bottom support.
Lesson 1 under education has been updated to include the Power Signal 2 that is available in the latest release of Algomodel Signals Pro.
Global Indexes
S&P 500
The S&P 500 is trending sideways as it nears the 4600 level. The sideways movement helped the index to move out of extreme overbought territory.
DAX
The DAX was still moving strong positively towards its 16500 top resistance.
HANG SENG
The HANG SENG made 3 top reversal signals above its 18000 level and then corrected back to its 16900 level. It had another data miss yesterday that touched bottom support. If this bottom support does not hold, we will see more downside movement.
NYSE & NASDAQ Stocks
Tesla Inc
Tesla stalled at its long-term negative trend line. Notice the previous accurate P2 signals (new feature).
salesforce.com Inc
CRM made another continuation gap with earnings beat and an upbeat forecast. Notice that the positive trend did not start with a P2 signal as there was no divergence but started with a Frontrunner break and a MACD that turned green.
JSE Stocks
JSE All Shares
The JSE All Shares stalled at its long-term negative trend line and 200 DMA with a P2 signal. We need to watch the next moves with the warning signals in place. A break to the top will be very positive. Notice the other divergence P2 signals on the chart.
Growthpoint Properties Ltd
Growthpoint is still busy building on its J-curve and lifted its head after the long-legged doji. Trending above its 50 DMA.
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.
