Jeromy Powell send markets tumbling ....

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Derek  28 Feb 2018

Morning,

International:
Jeromy Powell, new chairman of the Federal Reseve Bank, send the US markets tumbling at his debut. World markets are all following the US downwards.

I see Engulfing Bear candles everywhere. I show it for the DOW, but do notice that we were not in a buying area anymore as all the HeatMaps were red.



Now lets have a look where all this is happening for Apple. Look at the small body candle of Apple right against resistance with all the HeatMaps at its maximum. FrontRunner did not break down yet for Apple, but it did for many other shares. This is also a potential double top. Time to take profits? Decide yourself, I know what I am doing!



JSE Technical:
PSG gave a presentation on the outlook of of SA economy last night. MAN, things do not look great. Mike Schusler predicts a futher down grading as Govermment spending was not cut in the budget speech!

When I run spotlight on the JSE, I get nothing worthwile showing as a buy. Why? We are in overbought territory!

Lets show RMBH and notice the divergence I am showing and the overbought HeatMaps.



Sometimes it is not easy to see patterns on charts, but other times you must be blind to miss it. I show MMI Holdings that just moved into a yellow trend factor, but notice the divergence that was in place when it made a double top against resistance. Notice that FrontRunner and the MACD gave divergence. Frontrunner is still heading down, so do not be surprised if the current support gets broken.



This ends the financial year on a very negative note .... sorry .... nothing I can do to change it. Years ago when I lost a lot of money on Brainware (young people will not know this share), that is when I started to learn technical analysis to minimise my losses. We made the work easy for you in TradeFX. I will be away next week, so do download the program in my absence below and try it free for 30 days.

Enjoy your day.

PS Brainware fell from R1.20 to R0.01 when it was delisted.

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