TAGS: Tools to analyse stocks
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News in Brief
Bloomberg:
- S&P 500 bulls drive longest weekly win since 2004.
- Record eight-year winning streak seen extending for India stocks.
MarketWatch:
- GE’s stock has its best year on record ahead of final breakup.
- Uber and Lyft shares rallied 2023. There may not be much left to drive them higher, analyst says.
yahoo! finance:
- Stock slide on final day of 2023.
- Nvidia and AMD power chipmaker stocks to best year since 2009.
Best wishes to you for 2024 and may your investments do well this year. AI was the winner for 2023 and we believe that it will also be the driver for 2024.
Global Indexes
S&P 500
The S&P 500 ended 2023 with a P2 Power Signal, but still managed to close above its EMA8 line. Traditionally a positive rally usually continues deep into January. We will have to see if history repeats itself. Notice how the previous P2 signal did not play out and the rally continued.
DAX
The DAX eased down after touching its 17 000 level but managed to stay above its EMA8 line. The sideways movement took it into oversold territory.
HANG SENG
The HANG SENG was playing catchup with the rest of the world for the last 3 weeks of 2023. We marked the abc correction and the first 2 legs of a bull trend on the chart. Its 50 DMA just above (dark blue) acted as resistance for its kickoff of 2024.
NYSE & NASDAQ Stocks
Boeing Co
Many shares showed signs of exhaustion and profit taking at the end of 2023. Boeing is one of them and is busy forming a flag. Notice that its MACD turned red while forming the flag.
NVIDIA Corporation
The AI frontrunner remains NVIDIA. It is also showing signs of exhaustion close to its high of $504 with a hammer candle.
JSE Stocks
JSE All Shares
The JSE All Shares closed 2023 on a high note with global markets. It did however end in overbought territory
OLD Mutual
OLD Mutual took the honors of the last week of 2023 with its gains to also end in overbought territory. It looks like window dressing to make 2023 performance look better on the books. Notice the long-legged hammer candle with enormous volatility for the last day.
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.
