TAGS: South African market today
Bloomberg:
- Foreigners flee China stocks at record pace as rout worsens
- China stock rout pauses as investors assess Xi’s policy outlook
MarketWatch:
- Microsoft stock slammed by cloud-growth fears, taking Amazon down with it
- Texas Instruments focuses on long-term chip capacity buildout, while weak short-term outlook weighs on stock
- Depleting strategic oil reserves could prove ‘painful in the months to come’: Saudi energy minister
Global markets continued its rally with China stocks lifting their heads this morning after the huge slump.
Global Indexes
S&P 500
The rally of the S&P 500 took it all the way to its 50-day moving average resistance. We will have to see what happens today as the index is in overbought territory against a resistance.
DAX
The DAX broke its 50-day moving average and is also moving into overbought territory.
HANG SENG
The HANG SENG is consolidating slightly at current level, still in all negative territory.
NYSE & NASDAQ Stocks
The Coca-Cola Co
After the breakaway gap, Coca-Cola extended its rally with a very long-legged hammer candle.
Caterpillar Inc
Caterpillar is also extending its rally with a gain of 19.8% for the month. Notice that the Trend Factor also turned positive.
JSE Stocks
JSE All Shares
The JSE All Shares index also wants to follow global markets and made an engulfing bull candle. Notice that we had 6 correction candles inside the large bullish candle on 17 October.
Sasol Limited
Sasol is lifting its head again after bouncing on support for a second time, but with divergence in place this time round. We will have to wait and see if the long-term negative trend line gets broken.
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.
