TAGS: Software for stock analysis
Bloomberg:
- US Stocks decline as hopes of a Fed pause diminish
- Asian stocks mixed, US yield curve flashes warning
MarketWatch:
- Amazon confirms layoffs, becoming latest tech powerhouse to slash roles
- ‘We’ve only just begun to see the layoffs and squeezes on profit margins,’ warns Wells Fargo strategist
- Cisco’s stock rises on strong quarterly sales and guidance, but a restructuring is coming
- The Dow trading above its 200-day moving average is supposedly bullish for stocks – but not this time
The hesitant move of the previous day turned into profit taking as hopes of a Fed pause diminished. We were in very overbought territory and some correction was to be expected.
Global Indexes
S&P 500
The profit taking has not turned into a major selloff for the S&P 500 yet as it closed above the low of the past 4 days.
DAX
The turning doji candle was confirmed for the DAX with a bearish candle. This index was very overbought.
HANG SENG
Profit taking for the HANG SENG too. We call it profit taking as the close of the indexes are still above their EMA8 lines.
NYSE & NASDAQ Stocks
Target Corporation
Target Corporation made a 13.1% breakaway gap against its 200-day moving average to record the largest correction of the day on the S&P 500. It is back in all negative territory.
Applied Materials Inc
Applied Materials also made a breakaway gap downwards after the hammer candle. Its MACD also changed color, and all this is happening at its 200-day moving average. As it could not close above this average for 4 days, we see it as a false break. The 200-day average is a very strong resistance line.
JSE Stocks
JSE All Shares
The JSE All Shares was still holding strong at its high level but will most probably follow global markets lower today.
Spar Group Ltd
The results of Spar did not meet expectations and the market punished the share with a 12.7% selloff. It is back in all negative territory after the breakaway gap. Notice the divergence at its recent top.
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.
