Strong Bank earnings underpin Blue-Chip gains

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Derek  17 Jan 2019

Good morning,
Unfotunately I will not be able to do a Market Review tomorrow.

International:
Apart from JP Morgan, it was strong Bank earnings that underpinned Blue-Chip gains. The East is moderate stronger except for the Nikkei.

The DOW was the strongest, so let's look at its chart. Notice that it is currently touching the 50 day moving average and my next resistance line.



You could have guessed what I was going to show next when you read the heading. MY OLD FAVOURITE! Bank of America was the second strongest gainer in the S&P500 (+7.16%). Notice the continuation gap. I highlighted again the divergence at the turn, my most important indicator! It is currently just below the 200 day average and moved into a positive trend factor again.



Berkshire Hathaway is lifting its head again after the J-Curve. Do you see the curve? I did not mark it.



JSE Technical:
With the Rand strengthening the Resources took a breather and the financial sector increased their gains.

It has been a while since I showed Standard Bank. The trend line went into a second gear and the price just broke the 200 day moving average.



Bidvest stays in a positive trend and it is busy breaking my resistance.



Not the end of the week yet, but you must have a fabulous weekend. I am hopefully back on Monday with the next review.
Stay with a trend until broken!!!!
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