Stock Market Update Thursday January 18, 2024 Today, Apple received an upgrade, and Taiwan Semiconductor expressed optimism, stating that the technology sector had hit bottom and forecasting a robust growth year in 2024. This announcement ignited enthusiasm across the tech industry, especially in the chip sector. As a result, the Nasdaq experienced a midday rally of about 1%, while the S&P showed roughly half the strength, and the Dow lagged behind. Later in the afternoon, the Nasdaq surged higher, concluding the day with an impressive gain of almost 1.5%
Away From Stocks: Treasury's came under some pressure at the long end with 30-year yields rising six basis points to 4.37%, while the two-year note remained at 4.34% after yesterday’s 12 basis point march higher. WTI crude closed $73.95 a barrel, gold rose to $2,023 per ounce and the VIX retreated from yesterday’s multi-week highs back towards 14.34. Â
In technical analysis, a bear flag is a continuation pattern that can signal a potential downtrend continuation in the price of an asset. It consists of two main components:
Flagpole:Â The pattern begins with a sharp and steep downward price movement, known as the flagpole. This represents a significant and rapid decline in the asset's price.
Flag:Â Following the flagpole, there is a consolidation period marked by a rectangular-shaped pattern with parallel trendlines, known as the flag. The flag typically slopes upward slightly against the prevailing downtrend.
Tesla is still in a downtrend and below our dynamic resistance, We do not engage in shorting growth stocks. Upon receiving a buy alert, we initiate a position. Knowing when to buy and in which direction is the key to successful investing.
 Bearish to bullish reversal. Disney Weekly Chart Bull Flag, above 50 week moving average.
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