Profit taking the order of the day .... Two extremes

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Derek  20 Apr 2018

Morning,

International:
Profit taking started in the US yesterday and is continuing in the East this morning.

Why do we say profit taking? The Trend and EMA8 lines are not broken. I show this for the DOW.
Notice how I draw my trend lines. I do not necessary use the extreme bottoms or tops, but rather where it touches the most.



If your results in the US do not meet expectations, you get hammered. But if you do better, you get awarded. This was the case for 2 shares in the US yesterday. Lets show Align Technology first that did not meet expectations. All support is broken and this was the second biggest lost on the S&P500, -8.76% Philip Morris had the biggest loss -15%.(red trend factor)



Then American Express smashed all resistance with its results to make a new record high. (+7.59%) Notice what FrontRunner is showing, new highs to come!



JSE Technical:
The JSE did not escape this profit taking either.
Standard Bank rose quickly, after its break, to resistance. Now it is also hesitating with profit taking at resistance.



Richemont made its correction with divergence and broke the trend lines.



You must have a great weekend.

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