Mixed moves .... JSE Banks took off

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Derek  15 Jun 2018

Morning,

International:
After the interest rate increase in the US, the banks are still correcting, but the NASDAQ technology shares keeps on flying.

In the East the HangSeng is marginally lower while all othe Indices are positive.

While the NASDAQ is just making new highs, lets show the HangSeng making a doji close to support in oversold territory.



The strongest trend share in the S&P500 is Netflix Inc. Like the NASDAQ it is just making new highs. Remember that all cyclic indicators must be ignored when a share is in such a strong trend. I switched the cyclic indicators off to show this share. Notice the rising bottoms of FrontRunner. Another use of FrontRunner to stay in a share.



All banking shares looks about the same, so lets show my old favourite, Bank of Amerika. Notice that it is not far from my strong support. I will keep an eye on them for the turn.



JSE Technical:
At the JSE the opposite happened. Banks took off while most other shares are correcting.

FirstRand touched my support 10 times the past few weeks until the negative trend line was smashed yesterday with a +3.47% gain. When a support gets touched so many times, you know this is the true support.



Similar situation for Shoprite. Notice the divergence of FrontRunner while the support was also touched many times.



Are we finally going to see some positive moves on the JSE or is our patience going to be tested more?

You must have a great weekend.
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