U.S. Overbought Correction .... JSE Oversold Bounce

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Derek  9 Jul 2019

Good Morning,

International:
The U.S. markets were overbought and some correction took place as traders gear up for inflation data. The rest of the world is following the correction.

The two heatmaps of the S&P500 show the overbought situation.



The Hang Seng has been correcting for 4 days now.



Apple followed the correction trend and did so with a breakaway gap. Notice that my trend line is also broken.



One of the strong trend shares in the S&P500, AutoZone, was not bothered with this correction and hesitated with a doji at resistance and then broke it to make a new high.



JSE Technical:
The JSE is currently not synchronised with the rest of the world and was so oversold that it bounced on support.

Exxaro Resources used the 50 day moving average for its bounce. Notice the green heatmaps that indicate the oversold territory.



Sanlam used the 50 (dark blue) and 200 (pink) day moving averages for its bounce.



I do not like it when all markets are not synchronised?

Enjoy your day.
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