Wells Fargo strugling .... Poor Economy shows on JSE

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Derek  16 Jul 2018

Morning,

International:

Although the S&P500 broke top resistance, it is slowly moving into overbought territory. The trend is still positive though.



You might recall when I showed the turn of Boeing, one of the main drivers of the DOW. Notice how well it has performed so far, but also slowly moving into overbought territory.



Investors are not happy with the performance of Wells Fargo, one of Warren Buffet's prime shares. You can then see on the graph that the trend factor is jumping between red (no performance) and yellow (some performance....but not great). There are much better oppertunities in the US!



JSE Technical:
Why I always talk of the problem JSE, is because there was no return in the JSE this year. The poor economy is showing in the performance of the JSE. To compare it with TradeFX, the JSE only have 10 shares left with a green trend factor of which only one is Dark Green. (Astral). In comparison the S&P500 has close to 200 green trend factor shares!

On this negative note, there is nothing positive to show either. The only share in the JSE that has a dark green trend factor, Astral, is also breaking down against resistance.



Similarly Sasol is also breaking down!



Not a pretty picture on the JSE.
You must enjoy your day.
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