Tumbling Tech Stocks make markets sink .... Strong Support

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Derek  5 Oct 2018

Good Morning,

While it was the Tech Stocks that took the markets to new highs, they are correcting the most currently in all markets.

The positive long term trend lines for the Nasdaq and S&P500 are broken. Notice that this came with divergence for the NASDAQ with a double top in place. We still need to see if we are moving into a sideways or a full scale correction market.

I can show about any technology share, as they all started correcting. Lets show my old favourite, NVIDIA Corporation. Notice the FrontRunner break and red MACD bar.

While technology shares were making new highs, the banking sector was correcting. Now the roles are reversed. Banking shares are going up and so did Berkshire Hathaway after its correction.

JSE Technical:
The RAND weakened more against the Dollar. Notice where FrontRunner broke up and the MACD made a green bar. And it all happened on the long term weakening trend line.
Yes, one can monitor stock prices, currencies, metal prices, indices etc. with the same system.

Many shares on the JSE has now reached the next support in oversold territory. We will have to see if it holds. I show RMB Holdings. You need to zoom out to see it, but this support line was touched 5 times to make it a strong support.

You must have a fabulous weekend.
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