Profit taking lasted 1 day .... more to come?

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Derek  30 Aug 2018

Good Morning,

The profit taking in the US only lasted 1 day before they steamed ahead again with the NASDAQ leading the pack. The EAST is mixed this morning with the HANGSENG negative. The upcoming labour day in the US will have a subdued trading on Friday and the markets will be closed on Monday.

We are slowly moving into overbought territory for the NASDAQ as can be seen on the HeatMaps.

In the absence of something new to show, I show Microsoft. I marked on the chart where FrontRunner broke up and the MACD bars turned green.

Most of the old favourites are making new highs in overbought territory. We might see some profit taking before the long weekend. See all this on the chart of Nvidia Corporation.

JSE Technical:
The unrest in Soweto caused the Rand to start weakening again and thus stopped the move of the banks.

RMB Holdings show this.

Remgro has managed to climb out of a dark red trend factor into a light red one. The bad trend is not over yet, but it is starting to look much better.

Enjoy your day.
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