Apple's romp to $1 trillion .... Classical formation

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Derek  3 Aug 2018

Morning,

International:
Apple's romp to $1 trillion market cap helps S&P500 and NASDAQ gains. The East halted after the large corrections yesterday and is virtually unchanged today.

The S&P500 bounced on first support with the help from Apple.



Apple now moved into a strong trend catagory. You can see it on the trend factor that moved to dark green.



The investors liked Tesla's results and it moved in one day from negative trend to positive. The 16% gain in one day made it break the trend line too.



JSE Technical:
Implats announced that they are going to close 3 mines and lay off 16 000 workers due to low platinum prices and demand. You might recall that I mentioned that the JPM report predicted a poor performance for platinum shares.

Although Impala Platinum gained 3% after the announcement, it is in a long term negative trend.



In the ansence of anything positive to show, lets show Tencent again. You can see one of the classical corrections here. First the double top, followed by a strong correction. Then sideways movement came followed by the second leg of the correction to current support. This formation repeats itself time and again.



You must have a great weekend.
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