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Global equity markets are trading under pressure as the last month of 2018 takes shape. Headwinds created by trade issues have increased volatility. Rising interest rates make stock prices less attractive as discounted cash flows erode equity values. With the US leading riskier assets lower, some of the largest shares have tumbled and are having a difficult time rebounding.
Apple shares are trading under pressure. The large cap stock has dropped more than 20% since its highs putting the stock in bear market territory. Resistance is seen near the 20-day moving average at 187, and then again at the 50-day moving average at 207. Support is seen near an upward sloping trend line that connects the lows in May 2018 to the lows in November 2018 and comes in near $170 per share. A break of this level would lead to a test of the $160 region. Prices have recently exited oversold territory but could be heading back that way. The fast stochastic is printing a reading of 36, above the oversold trigger level of 20. Momentum has turned positive as the MACD (moving average convergence divergence) index recently generated a crossover buy signal.
Amazon
Amazon shares provide a snapshot of the consumer. Sales were reported better than expected following Black Friday and Cyber Monday. Prices tumbled on Tuesday and continue to trade under pressure. Short-term support is seen near the 20-day moving average at 1,630. Additional support comes from the November lows at $1,420. Resistance is seen near the 50-day moving average at $1,730. The quick run up after the recent massive selloff has placed the shares in overbought territory. The fast stochastic is poised to generate a crossover sell signal in oversold territory, which points to accelerating negative momentum.
McDonalds shares appear to be forming a topping pattern, despite solid same store sales. Prices are attempting to hold just above short-term support near the 20-day moving average at $185 per share. Additional support is seen near the 50-day moving average at $176. Momentum has turned negative as the MACD (moving average convergence divergence) histogram is printing in the red with a downward sloping trajectory which points to lower prices for McDonalds. The relative strength index (RSI) is holding just near support and is showing a reading of 56, which is in the middle of the neutral range and reflects consolidation.
Facebook shares are in a downtrend. They have tumbled since hitting an all time high near $220 by approximately 40%. Prices moved into oversold territory with the RSI below 30 but rebounded back to resistance near the 20-day moving average at 140. Additional resistance is seen near the 50-day moving average at 149. Support is seen near an upward sloping trend line that connects the lows in 2017 to the lows in November of 2018 and comes in near $126. Momentum is positive but could change quickly as the MACD (moving average convergence divergence) index recently generated a crossover buy signal. The MACD histogram is printing in the black with an upward sloping trajectory which points to higher prices.
