TAGS: Stock market analysis made easy.
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News in Brief
Bloomberg:
- Euro rises on French vote, China eyed after PMI.
- S&P 500 rally hits a wall at end of banner quarter.
- Tencent rides hit game for China’s biggest gain in market value.
MarketWatch:
- As jobs get harder to find, stocks could be in trouble after first half to an election year in half century.
- Biden’s says, “I can do this job,’ as betting markets put chance of re-election at new low.
- Nike’s stock sees biggest drop ever as some analysts question company’s leadership.
- Consumer sentiment perks up at the end of June, but inflation still a big worry.
yahoo! finance:
- AI frenzy leads stocks to rip-roaring first half of 2024.
- Ford expects profitable $30,000 EV in 2.5 years.
- Goldman’s hedge funds head says it’s time to cut portfolio risk.
- As AI gains a workplace foothold, states are trying to make sure workers don’t get left behind.
Wall Street cast off fears of a US recession and never looked back the first half of 2024.
Global Indexes
S&P 500
After making an attempt to break its 5500 resistance level the S&P 500 corrected to close on its support lines.
DAX
The DAX continues its sideways move, sitting on its EMA8 line.
HANG SENG
The HANG SENG closed unchanged on Friday after a promising open.
NYSE & NASDAQ Stocks
Nike Inc
Nike dropped to close below its 2022 support. Its next support is at $60 in 2020. Everything on the chart tells you to stay away: Poor sales outlook, earnings miss, negative Trend Factor and a price staying below its 200 DMA.
Bank of America Corp
Bank of America also hits a wall at its resistance of $40. This resistance is very strong as it was touched 10 times. It also happens to be analysts average price target.
JSE Stocks
JSE All Shares
The JSE All Shares formed a flag in anticipation of the GND government. This flag will be broken up or down, depending on how the GND solution is received after the cabinet announcement yesterday.
Palladium
Palladium also started following the Platinum price higher closing just below the negative trend line. Notice that the rally started with a P2 Power Signal.
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.
