Could not trusts tweet .... Weekly charts

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Derek  31 Aug 2018

Good morning,

Trump tweeted that something good was coming .... I did not trust anything in the tweet. It then followed that he wants a TV manager fired .... AND then more tariffs against China.

All markets negative with Trump's latest move.

The DOW's correction came with divergence in place. Notice that we were in overbought territory with the red HeatMaps.

I see many shares with the pattern that FrontRunner broke down, MACD made first red bar, coming down from overbought territory.

See all this on the chart of Global Payments.

Similar for Abbott Laboratories. Notice the additional doji on this chart.

JSE Technical:
The Rand continued with its weakening.

I want to conclude this week with a weekly chart. When daily moves are to erratic for the long term investor, rather look at a weekly chart. You can change it at the bottom right of your screen. You can also draw trend lines and get weekly chart alerts when running trend triggers.

On the Weekly chart of Life Healthcare Group you can see that they are not out of the woods yet. Still below the long term negative trend line.

My quote for the week: "NEVER trust a tweet from Trump!"

You must have a great weekend.
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