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News in Brief
Bloomberg:
- Markets are wrong on US rate-cut bets, Blackrock says.
- Hong Kong tech stocks help bolster Asian equities.
MarketWatch:
- $142 billion in 2 days: The extend of SVB bank run is revealed as U.S. regulators weigh rules overhaul.
- AMC stock jumps, but Amazon unlikely to acquire theater chain, analyst says.
- Electric-vehicle maker lucid plans roughly 1,300 layoffs.
- NVIDIA stock heads for best quarter in more than two decades as AI excitement builds.
yahoo! finance:
- Fed’s Barr sees ‘need’ for stronger bank regulations after SVB.
- Apple launches ‘Apple Pay Later’ program.
- A recession in 2023 is now inevitable. Layoffs in tech and finance will spread to other sectors.
Stocks ended lower as SVB takes center stage in Congress but did not close at the lows of the day.
Global Indexes
S&P 500
Same scenario as yesterday: ‘The S&P 500 is still trapped between all the resistance lines.’
DAX
The DAX made an attempt to break its 50-day moving average, only to close near the low of the day.
HANG SENG
The HANG SENG made another gap to break its negative trend line only 5 days after its breakaway gap. We see the latest gap as a continuation gap.
NYSE & NASDAQ Stocks
NVIDIA Corporation
NVIDIA closed the day with a long-legged doji (turning candle) still well above the strong positive trend line. Some profit taking is most probably forming a J-curve.
Occidental Petroleum Corporation
Occidental Petroleum made a breakaway gap to break its negative trend and 50-day moving average lines. There is a very successful trader that only trades breakaway gaps. You can easily get the breakaway gaps in Algomodel Signals Pro by running Spotlight.
JSE Stocks
JSE All Shares
After a small J-curve the JSE All Shares is building further on its short-term positive trend.
Sasol Ltd
Sasol also made a breakaway gap to break its negative trend line. Notice where Frontrunner broke up with the MACD changing color.
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.
