Huge correction by NASDAQ .... Weekly chart

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Derek  30 Nov 2017


It is going to be a testing day as all servers in the US are down. It does however look as if I managed to get the data before they went down. I am not sure if we will get interim data today.

It was the NASDAQ that made a huge correction with all the technology shares. The DOW made a new high and the S&P500 was about unchanged. The East is following the NASDAQ with all indices correcting.

I show the NASDAQ and notice where FrontRunner broke down. The only thing that is still holding is the trend line.

I often hear someone saying that they never had a chance to buy a certain share as it ran away. Nonsense of course, all shares make a correction some time or another to give you a chance to buy it. One of the star performers on the NASDAQ was Nvidia Corporation that is correcting now. If you wait patiently, you can get a very good buy oppertunity here. Notice the double top, FrontRunner breaking down, Trendline broken, divergence and MACD broke down. All the warning signs to get out.

JSE Technical:
Naspers makes out 20% of the JSE now and is by far our most valuable share. It also corrected lately and notice how it closed the 3 open windows (gaps). You will remember me saying that windows always get closed. Its latest profit announcement of more than 60% growth dominated the market yesterday.

Mondi announced closing of one of its paper factories, and that send the price of this share tumbling. If you want to see support more easily, it helps to look at a weekly chart. I show the WEEKLY chart of Mondi. In the daily chart it broke the negative trend line upwards.

You must have a great day.
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