TAGS: Technical analysis software
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News in Brief
Bloomberg:
- Tencent shares slump as Prosus seen to step up selling.
MarketWatch:
- US stock market ‘pretty expensive’ as investors parse inflation report in choppy trade.
- The rally in tech stocks is getting ‘stretched,’ says JPMorgan.
- Nvidia offers 100-frame-per-second gaming card for under $600 in RTX 4070.
- Alibaba shares fall as Softbank reportedly sells most of its stake.
- Warren Buffett says more banks may fail, but he’s willing to bet $1 million that depositors won’t lose money.
yahoo! finance:
- Good news: Food Inflation down. Bad news: It may not last.
- Stocks sink after Fed minutes despite cooler inflation.
Although cooler inflation was reported, the stock market is still seen as expensive. Short traders are still wary because of strong rally.
Global Indexes
S&P 500
The S&P 500 made an engulfing bear candle to close just above its EMA8 line. Frontrunner is heading down and we have divergence in place at the double top. I show where the MACD also changed color.
DAX
Although the DAX edged higher, it did so with an inverted hammer (turning candle) in overbought territory at strong resistance.
HANG SENG
The HANG SENG could not break its 50-day moving average and took the path downwards with a breakaway gap to trade below its EMA8 line. The positive trend lines of the price and Frontrunner are broken. Notice where the MACD changed color.
NYSE & NASDAQ Stocks
Alibaba Group Holdings Ltd
Alibaba made a breakaway gap downwards to break its positive trend line and 50-day moving average. Notice the divergence and where MACD changed color in overbought territory.
Tesla Inc
After Tesla broke its positive trend lines, its correction started. I show where the MACD turned red and the negative trend lines that are in place.
JSE Stocks
JSE All Shares
The JSE All Shares is not sure at all about breaking its 50-day moving average, although it did close just above it. This index is also in overbought territory.
Glencore PLC
Glencore broke its 50-day moving average resistance in overbought territory which makes us believe that it could be a false break. Keep an eye on this one!
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.
