TAGS: Technical analysis software
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News in Brief
Bloomberg:
- Asian tech stocks drop as Yen whipsaws after rally.
- Stock rotation hits megacaps on bets Fed will cut.
- Tesla’s frenetic rally prompts a valuation reality check.
MarketWatch:
- Is a stock-market rotation under way? Small caps surge while Big Tech punished after cool inflation reading.
- Tesla’s stock falls on reported robotaxi delay, while Uber and Lyft shares rise.
- Biden praises US economy’s strength as he insists, he’s staying in race.
yahoo! finance:
- Stocks fall from records amid ‘Mag 7’ sell-off.
- Boeing warns customers of further delays on 737 Max, Bloomberg news says.
- The Fed looks on track for a September rate cut.
After a long rally one had to expect that profit taking would step in causing a market correction.
Global Indexes
S&P 500
The S&P 500 made an engulfing bear candle with a P2 Power Signal in place to close below 5,600.
DAX
The DAX broke its 50 DMA, closing still below its negative trend line.
HANG SENG
The HANG SENG attacked its negative trend line with a breakaway gap. It is trading just below its 50 DMA today.
NYSE & NASDAQ Stocks
Tesla Inc
Those that made the biggest gains, corrected the most. Tesla corrected 8.4% after touching its $270 resistance in extreme overbought territory. Notice where Frontrunner broke down and the MACD changed colour.
Home Depot Inc
On the other side of the coin, we had quite a few shares that made breakaway gaps to the positive side. Home Depot is one of them. Again you can see where Frontrunner broke up and the MACD changed colour in oversold territory.
JSE Stocks
JSE All Shares
The JSE All Shares made an engulfing bull candle, trading below top resistance.
MR Price Group Ltd
MR Price made a strong positive candle inside the flag it is forming. We also have a Frontrunner break with a MACD changing colour.
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.
