TAGS: Technical analysis
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News in Brief
Bloomberg:
- S&P 500 turns lower in final 30 minutes of trading.
- Trump Media climbs 16% to $7.9 billion post-SPAC deal valuation.
- Trump Media is now the most expensive US stock to bet against.
- Stocks bounce in final stretch of Stellar Quarter.
MarketWatch:
- Stocks open higher Tuesday, amid sturdy manufacturing data.
- CPI inflation will almost surely be above 3% well into midyear, Garda’s Magnusson says.
- Shockwave Medical shares rise on report of acquisition talks with Johnson & Johnson.
- Microsoft is already bigger than Apple, but its ‘iPhone moment’ could be coming.
yahoo! finance:
- Stocks end lower, dragged down by Nasdaq’s late flop.
- Fed’s Goolsbee: Three rate cuts ‘in line with my thinking’.
The rally resumes after sturdy manufacturing data. That was before the Baltimore bridge collapse that will have an impact on transportation, shipping, markets and the economy.
The Baltimore bridge was an ‘Old School’ design, with one element failing the entire bridge collapsed. I am sure it will be replaced by a modern design much higher.
Global Indexes
S&P 500
The S&P 500 closed lower, still above its EMA8 and trend lines, uncertain on what influence the bridge collapse will have.
DAX
The DAX extended its rally.
HANG SENG
The EMA8 resistance is still a hurdle for the HANG SENG, trading just below it.
NYSE & NASDAQ Stocks
NVIDIA Corporation
NVIDIA was the main culprit to drag the indexes down. It made a double top with an engulfing bear candle. Notice that we have divergence in place and a MACD that turned red a week ago.
Tesla Inc
Tesla was on its way to test its negative trend and 50DMA lines, when it was also dragged down to close with an inverted hammer candle.
JSE Stocks
JSE All Shares
The JSE All Shares remains in uncertain territory although it closed above its 50 DMA. Its 200 DMA above will be a major hurdle to cross.
Naspers Ltd
Naspers broke its 200 DMA with a gap and helped the index to close higher. It might do so again today as Tencent is still climbing.
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.
