American Stock Exchange

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Visa - The price may fall​

If the assumption is correct, the price of the asset will fall to the levels of 175 – 162.95. In this scenario, critical stop loss level is 217.23.

 

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Nasdaq 100 - Murray analysis
The Nasdaq 100 index continues to move within the long-term downward channel. This week, the price tried to start a corrective growth, having reversed around the level of 11250 ([2/8]), but in the end all the positions won were lost.

The reversal level of 11250.0 is still the key for the "bears". Its breakdown will give the prospect of further decline to the lower limit of the Murray trading range in the area of 10000 ([0/8]). When the level of 11875 ([3/8]) and the middle line of the Bollinger Bands break out (12090), quotes will be able to continue growing within the central Murray channel to the level of 13125 ([5/8]).

Technical indicators do not give a single signal: the Bollinger Bands are directed downwards, the MACD histogram is stable in the negative zone, the Stochastic is directed upwards.

Resistance levels: 12090, 12500, 13125 | Support levels: 11250, 10625, 10000​

 

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CAC 40 - Murrey analysis
The quotes of the CAC 40 index have been falling since the beginning of this month, but they are currently consolidating around the pivot level 5937.5 ([2/8]), which was already unsuccessfully tested in March. After its breakdown, the decline will continue to the lower border of Murrey's trading range, 5625 ([0/8]), and further to the reversal zone to 5468.8 ([–1/8]). The key "bullish" level is the central mark of Murrey's trading range around 6250 ([4/8]), supported by the middle line of Bollinger bands. If it is broken, the trading instrument will be able to return to 6562.5 ([6/8]) and 6718.8 ([7/8], the upper line of Bollinger bands).

In general, the downward trend in the market continues, confirming the downward reversal of Bollinger bands and the increase in the MACD histogram in the negative zone. The exit of Stochastic from the oversold zone does not exclude an upward correction, but it is unlikely to reverse the current trend.

Resistance levels: 6250, 6562.5, 6718.8 | Support levels: 5937.5, 5781.2, 5625, 5468.8​

 

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Dow Jones - US market remains negative
The pressure on the US stock market continues: despite the positive reporting, large companies predict a future performance decline. For example, microchip manufacturer Micron Technology Inc. reported a 1.5x increase in net income for the current quarter, its revenue was 8.64B dollars, and earnings per share rose to 2.59 dollars from 2.14 dollars a quarter earlier, but the corporation does not expect the same strong results in next reporting period.

Another negative factor is the situation in the domestic bond market: according to yesterday's trading data, the yield of the leading securities began to rise again. So, at the end of last week, the rate on 10-year US Treasuries rose to 2.952% from 2.889%, while the indicator for global 20-year assets increased to 3.4332% from 3.3671% a few days earlier.

The index quotes move within a wide downward channel in the middle of the range. Technical indicators have significantly weakened the sell signal but still hold it: indicator Alligator's EMA oscillation range has narrowed almost completely, and the AO oscillator histogram is forming new downward bars in the sell zone.

Resistance levels: 31915, 33290 - Support levels: 29968, 28312​

 

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3M Co - technical analysis
The shares of 3M Co., an American diversified innovative manufacturing company, traded in a downtrend around 129. On the daily chart, the price is holding in a stable downwards channel with dynamic boundaries 108.00–138.00 and, reversed around at the resistance line, is heading towards support, having renewed the next year's low at 126.

On the four-hour chart, it can be seen that this level coincides with the initial trend of 61.8% for the Fibonacci expansion, the breakdown of which will mean continued global sales with the target at 100.0% for the Fibonacci expansion in the support line of the channel 109. The likely decline is confirmed by the readings of technical indicators that have reversed long ago and keep a stable sell signal: fast EMAs on the Alligator indicator are significantly below the signal line, and the AO oscillator histogram forms bars with a downward trend in the sell zone.​

 

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Cisco Systems - technical analysis​

The shares of Cisco Systems Inc., the largest manufacturer and supplier of network equipment for holdings and telecommunications companies, are correcting around 43. On the daily chart of the asset, the price is moving within a global downward channel with dynamic boundaries of 32–44, having reached the resistance line yesterday after an unsuccessful attempt to overcome the annual low of 41.

On the four-hour chart, the local movement within the channel is clamped into a Triangle pattern, the upper limit of which coincides with the global range resistance line at 44, which the quotes will try to break and reach the beginning of the price gap of May 18 around 47.8.

Technical indicators remain in the state of a sell signal, although indicator Alligator’s EMA oscillation range has begun to narrow, and the AO oscillator histogram is forming upward bars in the sell zone.​

 

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Verizon Communications - technical analysis​

On the daily chart of the asset, the quotes are trading below the global channel 51–56 and completing the reverse test of the range support line passed. On the four-hour chart, it is clearly seen that corrective growth is developing in the form of a Triangle pattern. Inside the figure, the price has reached the support line at 50 and is preparing to reverse upward, which, in turn, will signal the end of the correction and the continuation of the global decline with the target around 45.5.

Nevertheless, the readings of technical indicators reflect the continuation of local growth: fast EMAs on the Alligator indicator are above the signal line, and the AO oscillator histogram is trading in the buying zone.​

 

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Nasdaq 100 - the US stock market continues to decline​

At the end of last week, it became known that the head of the electric car company Tesla Inc. Elon Musk is pulling out of a 44 billion dollar deal to buy Twitter Inc. after the latter failed to provide previously requested reports on the number of fake accounts on the platform. In addition, the management of Twitter Inc. announced plans to cut up to 30% of its HR staff due to growing business problems, and company Chairman Bret Taylor said management plans to sue to enforce the merger agreement. Against this background, shares of Twitter Inc. decrease by 4.2%.

Additional pressure on the US stock market is also exerted by the situation in the domestic bond market, the yield of which again began to rise sharply: the rate on the popular 10-year US Treasuries rose to 3.086% from 2.810% at the end of last week, and on the conservative 20-year securities the yield rose up to 3.516% from 3.326%; while the yield on global 30-year debt securities rose to 3.252% from 3.049%.

Index quotes continue to form a global downward channel, declining along the support line. Technical indicators are in a sell signal state: fast EMAs on the Alligator indicator are holding below the signal line despite the sharp narrowing of the range, and the AO oscillator histogram is still trading in the sell zone.

Support levels: 11460, 11100 | Resistance levels: 11800, 12200​

 

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Google - technical analysis

On the daily chart of the asset, a downwards channel forms with dynamic boundaries 2450–2000, within which the price has almost reached the resistance line and is preparing to start a reversal. On a four-hour chart, the ascending wave looks like a classic Flag pattern with boundaries of 2450.0–2150.0, which increases the likelihood of forming a downward impulse towards 2000.

Technical indicators do not yet react to the current reversal and keep a local buy signal: fast EMAs on the Alligator indicator are above the signal line, and the AO oscillator histogram forms rising bars above the transition level.​

 

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S&P 500 - waiting for US inflation statistics

The US stock market continues to decline, and yesterday's drop in indices was one of the most dynamic in recent times. First of all, investors' concerns are related to the growth of the consumer price index in the USA, data on which will be presented tomorrow. If the indicator exceeds 9.0%, an emergency increase in the interest rate by 100 basis points from the American financial regulator is not excluded, which could bring down stock markets at the moment, especially the high-tech sector, which traditionally depends on the cost of borrowing.

The index quotes are traded in a global descending channel, being in the middle of the range. Technical indicators continue to hold a stable sell signal: fast EMAs on the alligator indicator are below the signal line, and the histogram of the AO oscillator, holding in the sales zone, forms ascending bars.

Support levels: 3781, 3500 - Resistance levels: 3900, 4151​