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News in Brief
Bloomberg:
- Baidu’s results may shake optimism over China AI
- Big Tech logs year’s longest weekly losing streak.
- Adyen Co-CEO rules out buybacks after stock rout.
- Adyen’s $20 billion wipeout caught almost everyone off guard.
MarketWatch:
- Will August stock-market stumble turn into a rout?
- Meta’s stock joins Apple, Microsoft and Nvidia shares in correction territory as tech-stock boom fizzles.
- Barron’s: China’s economic meltdown could spread.
- X will remove block feature, Musk says, setting up possible showdown with Apple and Google.
- Amazon relaunches a delivery service it put on hold during the pandemic.
yahoo! finance:
- China’s economic data has been ‘outright alarming’ this week.
- Stocks crawl back to close rough week on mixed note.
- The streaming gold rush is over (Netflix).
It was the tech shares that was oversold that started the selloff. Don’t be surprised if they lead the next bull leg when the turn comes. Nvidia’s earnings this week may give the spark …. or further downside?
Global Indexes
S&P 500
Although the S&P 500 crawled back at the end of the session, its negative trend line is in second gear in oversold territory. Nothing else is signaling a turn.
DAX
The DAX in contrast made a gap in oversold territory with a hammer candle. The gap could be an exhaustion gap and the hammer candle is an unconfirmed turning candle.
HANG SENG
The HANG SENG opened today with a gap and a hammer candle also in oversold territory on its 17700 level. After quite a few downward gaps, this could be an exhaustion gap. We will have to see tomorrow if it was another continuation gap or an exhaustion gap.
NYSE & NASDAQ Stocks
Tesla Inc
Tesla was one of the biggest tech losers the past 4 weeks. It closed with a gap and small body candle on long term support in very oversold territory. All these signals are unconfirmed and could perhaps only trigger a bounce. Its trend line remains negative.
Deere Company
Deere made a downwards gap that took it past its 200-day moving average support. Notice that Frontrunner is predicting further lows for this share.
JSE Stocks
JSE All Shares
The JSE All Shares is heading towards its R720 support with a steep downwards trend line.
Investec PLC
After Investec made a gap down it is bouncing between its 50 and 200-day moving averages. Its 200-day moving average is still acting as support … for now! Notice how divergence showed the turn at top. (purple lines)
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.
