TAGS: Technical analysis software
Free Subscription: Subscription is necessary to receive an email when market reviews are posted.
News in Brief
Bloomberg:
- Tech leads stocks lower with Tesla tumbling 10%.
- China EV startup U Power soars 620% for biggest US IPO pop of the year.
MarketWatch:
- Opinion: Bears are hibernating now, but they’ll wake up hungry if the S&P 500 can’t break 4200 soon.
- AT&T stock suffers drop in more than 2 decades as cash flow dries up.
- Tesla’s stock confirms bearish ‘double top,’ and other chart patterns.
yahoo! finance:
- Fed’s Mester says rates need to rise above 5%
- In certain areas, India could be the new China: Analyst.
To add to all the negative news: The S&P 500 broke its positive trend line! Not the time to be brave on markets.
Global Indexes
S&P 500
The S&P 500 closed with a long-legged doji on its EMA8 line that broke our positive trend line. Divergence of Frontrunner shows a true top (marked with the 2 purple lines).
DAX
The DAX also made a negative move to close just above its EMA8 line.
HANG SENG
The HANG SENG is also trading lower just below its EMA8 line as resistance and its 50-day moving average below as support. Any further drop will break support.
NYSE & NASDAQ Stocks
Tesla Inc
Not a pretty picture for Tesla. We marked the double top what the news refers too. It made a breakaway gap downwards with Frontrunner predicting further lows too come.
NVIDIA Corporation
NVIDIA is also showing signs of breaking its long positive line. It is also busy making a double top with divergence. Notice that the MACD has turned red on 5 April.
JSE Stocks
JSE All Shares
The JSE All Shares made a high wave candle on our tight positive trend line with Frontrunner busy heading down.
British American Tobacco PLC
British American Tobacco did not have enough momentum to break its 50-day moving average and bounce down from it.
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.
