Perfect triangles .... 3 stocks lead Nasdaq

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Derek  8 May 2018

Morning,

International:
All indices positive in the East this morning and the US also closed positively.

The S&P500 and the HangSeng both has perfect triangles and both has not broken out. The market is just keeping you in suspence. I showed the HangSeng yesterday, so lets show the S&P500 today. Not often that you see perfect charts like this. The S&P500 closed just below the top resistance of the triangle again. Notice that my bottom support and the 200 day simple moving average are on top of each other. Similarly are the top resistance and the 50 day average on top of each other. This gives a double support and resistance. I have never seen this before.



One of the market reporters stated that AAPL, ADBE and NVDA are leading the technical stocks higher. I have shown Apple and Nvidia yesterday, but never Adobe systems. Lets do that today, and the reason is obvious why I did not show this share .... it is against top resistance.



Lets show a share with upwards potential. JPMorgan Chase has broken trend line and is bouncing off strong support (thick green horisontal line).



JSE Technical:
The JSE is really frustrating. All the banks came back to support. Notice the HeatMaps of FirstRand. All in neutral area.



Similar for Discovery that is moving sideways.



Enjoy your day.
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