US stocks focus on earnings .... no tax for SARS

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Derek  17 Jul 2018


The US also closed mixed as investors focus on earnings. Netflix did not meet expectations and the NASDAQ closed lower. The east is also mixed with the Nikkei positive and the HangSeng negative.

I show the S&P500 and notice that we have divergence in place. The MACD made its first red bar and we are in overbought territory. Nothing broke down yet, but I will not be surprised to see some profit taking.

Although Netflix closed positively yesterday, you can see the correction as it did not meet expectations. Notice the double top with divergence telling you that a correction was coming.

In contrast, the Banks that were severely sold off because of the Trade-War, took off like a rocket. My all time favorite, Bank of America, gained +4.31%.

JSE Technical:
Not even Spotlight in TradeFX can find something worthwhile to show? Every share is just getting hammered. SARS must not rely on any capital gain tax for this year?

In the absence of anything to show, I show Astral again. What I wanted to show is that although it closed positively, it still started a negative trend. Why? The high of yesterday is lower than the previous day's high and similarly with the low.

Enjoy your day.
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