TAGS: Software for stock market analysis
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News in Brief
Bloomberg:
- Hong Kong’s $1.9 trillion stocks await boost from Yuan trading.
- S&P 500 halts winning run with big options test.
- With the US so high, now’s the time to diversify.
MarketWatch:
- Big stock market rally to be followed by ‘big collapse,’ says BofA’s Hartnett.
- Intel’s stock rocks best week in nearly 14 years as analyst notes a ‘material AI oppertunity’.
- Nvidia is the only near-term ‘beat and raise’ chip maker when it comes to AI, analyst says.
- Intel to build $25 billion advanced chip plant in Israel, Netanyahu says.
yahoo! finance:
- Rally takes breather, but stocks still have best week since March.
- Musk: Tesla’s value is based primarily on vehicle autonomy.
US markets took a breather ahead of the weekend with all indexes correcting. The corrections were not piercing candles, that is why we call it a breather. Nothing preventing it turning into a strong correction though as we are in overbought territory.
Global Indexes
S&P 500
The S&P 500 paused and still closed well above its trend line. It is in overbought territory, so profit tacking can be expected.
DAX
The DAX is busy breaking top resistance, but it is also in overbought territory.
HANG SENG
Although the HANG SENG is finally in all positive territory, it is also taking a breather in overbought territory.
NYSE & NASDAQ Stocks
The Coca-Cola Co
Coca-Cola ignored the pause and did so with a breakaway gap. The pause however did cause it to close with an uncertain high wave candle. The breakaway gap is however more important to us, and we believe that it will complete its W formation.
Microsoft Inc
The weekly chart of Microsoft also reached top resistance in overbought territory. On its daily chart it closed on the 50% mark of the previous day. We will have to see if this profit taking at this level will continue.
JSE Stocks
JSE All Shares
The JSE All Shares was closed on Friday. It did touch its break resistances the previous day to bounce off it again to close with a gain for the day. It is also moving into overbought territory.
Naspers Ltd
Naspers and Prosus is following the positive trend of Tencent. Notice that the MACD turned green and that the share closed above its 50-day moving average.
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.
