Continuation of WEEKLY charts .... Unconfirmed Divergence

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Derek  8 Apr 2019

Good Morning,

Employment data met expectations in the U.S., but wage increases were sluggish. Analysts puzzle over stock market's rally amid equity-fund exodus?

The S&P500 gained +.46%.

I touched on weekly charts on Friday. I want to show the WEEKLY chart of the S&P500 for you to see how the noise is taken out of the chart. Notice how close we are to the previous top.

Edward Lifesciences Corp is busy forming a flag. Keep an eye on this share for a flag break.

Wal-Mart Stores bounced on support and broke resistance.

Quite a few shares are at top resistance with unconfirmed divergence in place. Microsoft Corporation is one of them. We will have to wait and see if they have enough steam left to break resistance, or whether the divergence gets confirmed? We are definately not in buying territory anymore!

JSE Technical:
The JSE is still lagging the rest of the world and not the prefered investment market.

Sasol is continuing its trend and closed the open window of 14 weeks ago. It is now close to the 200 day moving average (pink line).

Richemont had a strong run 4 weeks ago, but could not break resistance. Currently the negative 200 day moving average is also acting as resistance. This resistance was touched 3 times the past 2 weeks before it started correcting again. Yes, the 200 and 50 day moving averages are resistance or support lines.

Enjoy your day.
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