Fed reiterate dovish stanch .... Continuation of strong JSE

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Derek  11 Apr 2019

Good Morning,

The U.S. stocks closed higher after the Fed reiterate central bank's dovish stanch. The East is not sharing this positive move this morning and all indices are negative.

The S&P500 made a small body candle just above the EMA8 line still in overbought territory. Notice that the past 7 days had small body candles to confirm uncertainty at this level.

The Hang Seng decided to start correcting out of its overbought territory this morning.

Shares are very mixed and uncertain at current levels. Xilinx, one of our strong trend shares, even broke top resistance. Notice how the Trend Factor colours changed for this share together with the strong moves.

McDonalds is one where the share bounced down from top resistance.

JSE Technical:
Although many shares went ex-divident, the strong JSE just moved past the usual ex-divident drop. Financial and Retail shares were the winners.

MR Price was the winner with a massive +7.42% gain.

FirstRand was one of the strong bank movers. Notice my trend lines and where the negative one was broken.

I do not like gold shares, but I wanted to show what a -17.65% drop looks like. I marked the level 3 divergence of Sibanya Gold before the drop. Level 3 is when the % drop of the indicator tops is more than the % drop of the price tops as marked on the chart.

Enjoy your day.
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