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News in Brief
Bloomberg:
- Brutal week for banks ends with gains in stocks.
- Cathie Wood buys block shares during Hindenburg-fueled plunge.
MarketWatch:
- Bank of America identifies the next bubble and says investors should sell stocks rather than buy them after the last rate hike.
- Bond market ‘screams’ rate cuts as yield curve points to real-time slowdown in US economy.
- Biden says he doesn’t see anything ‘about to explode’ in banking sector.
yahoo! finance:
- Small banks lost $120 billion in deposits during SVB turmult.
- Nvidia CEO: ‘An acceleration in demand’ due to AI.
The volatility caused by the banking crisis is still around. The best advice we can give is to stay with individual stock trends.
Global Indexes
S&P 500
After another volatile session the S&P 500 managed to close with an engulfing bull candle. Overall, the trend is still sideways with its 200-day moving average below acting as support and its 50-day moving average above acting as resistance.
DAX
Its 50-day moving average above acted as resistance for the DAX as it closed blow its EMA8 line.
HANG SENG
The HANG SENG is very similar to the S&P 500 with the two main averages on either side acting as resistances. On Friday we had an indecisive doji with a negative confirmation today. It is currently trading on its 200-day moving average.
NYSE & NASDAQ Stocks
Berkshire Hathaway B Inc
Its 200-day moving average acted as support for Berkshire Hathaway for a bounce. The stock is however still in a downward trend.
Avis Budget Group Inc
Avis also had a very volatile week just below its 200-day moving average. It concluded the volatile week with a hammer candle and Frontrunner busy breaking its negative trend line. Do you see the Head and Shoulder formation at the top that started the correction? (We did not mark it – Head is on 16 Feb).
JSE Stocks
JSE All Shares
The JSE All Shares closed negative with Global indexes and was closed when the US made a bounce.
Sun International Ltd
Sun International is in a strong long term positive trend currently. It is however in overbought territory currently.
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.
