TAGS: Technical analysis
Free Subscription: Subscription is necessary to receive an email when market reviews are posted.
News in Brief
Bloomberg:
- S&P 500 gets late-day boost to finish at record.
MarketWatch:
- Momentum stocks are outperforming S&P 500 by widest margin since 2008.
- Individual investors are buying fewer stocks but using more leverage.
- Fed’s Waller says there’s ‘no rush’ to cut US interest rates.
- Netflix’s most bullish analysts says the stock is no longer a ‘best idea’.
yahoo! finance:
- S&P 500 hits fresh record, Dow surges over 475 points.
- History suggests more gains ahead for S&P 500.
- Apple’s 2024 is not going well.
It was the Dow’s day with 475 points surge with Merck Co the leader.
Global Indexes
S&P 500
The S&P 500 bounced on its EMA8 line to close at a fresh high.
DAX
The DAX never wavered and is continuing its strong trend.
HANG SENG
Although the HANG SENG is stronger today it is still trading below its EMA8 line in short term negative territory.
NYSE & NASDAQ Stocks
Merck Co Inc
Merck Co was the main driver on the Dow after the FDA approved Winrevair, the company’s treatment for pulmonary arterial hypertension. It made a gap to break top resistance.
Estee Lauder Companies Inc
On the heels of MRK was Estee Lauder with a +4.1% gain. It turned with a P1 Power Signal in oversold territory. Notice that the MACD changed color too.
JSE Stocks
JSE All Shares
The JSE All Shares continued its short-term positive trend to close just below its 200 DMA.
Naspers Ltd
Naspers made another gap as it is moving into overbought territory.
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.
