TAGS: Technical analysis
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News in Brief
Bloomberg:
- Japan’s stock boom gets broader support than just exporters.
- S&P 500 hits wall at end of best week in 2024.
- Reddit’s debut delivers for new and old shareholders alike.
MarketWatch:
- Wall Street revamps 2024 S&P 500 targets after record setting stock-market rally.
- Opinion: S&P 500 isn’t letting anything get in its way as momentum and fundamentals stay strong.
- Nasdaq closes at all-time high as Friday losses trim S&P and Dow weekly advances.
- Financial markets will ‘rebel’ if Fed’s Powell turns out to be wrong about inflation.
- Don’t fret about 2 or 3 cuts, says strategist.
- Fed needs to run US economy hot into Nov.5 presidential election, trader says.
yahoo! finance:
- Dow slides, Nasdaq hits record to cap winning week.
- 44% of Warren Buffett’s $366 billion portfolio is invested in 3 widely owned artificial intelligence (AI) stocks.
The Nasdaq took longer to make a new high than the other indexes. It was AI stocks that helped the index. This is a four-day trading week.
Global Indexes
S&P 500
The S&P 500 retreated slightly from its high with some profit taking.
DAX
The DAX extended its high.
HANG SENG
The HANG SENG dipped below our positive trend line on Friday and then scrambled back to close on it. Today it is sitting on the trend line, still below its EMA8 line.
NYSE & NASDAQ Stocks
FedEx Corporation
You might recall when we showed FedEx when they made a poor forecast causing a major selloff. Notice where the negative trend was broken with a MACD turning green and Frontrunner turned with divergence. When the earnings beat was announced the price had already advanced from $235 to $265. (Insider information?) Frontrunner is predicting more highs to come.
NVIDIA Corporation
NVIDIA remains the main driver of the NASDAQ and closed at a new high. Although it has traded higher 10 days earlier, it did not close at that high. We only see a new high when a share is able to close on that price. It was forming a J-curve with profit taking and its MACD changed color.
JSE Stocks
JSE All Shares
After the piercing candle the JSE All Shares continued it positive move to close just below its 50 DMA.
Anglo American Platinum Ltd
This time round Anglo American Platinum had enough steam left to break the resistance averages and close above them.
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.
