Markets gaining on trade tensions ease .... Overbought Territory

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Derek  13 Sep 2019

Good Morning,

All markets are gaining as trade tensions ease further.

The closer the S&P500 gets to top resistance, the more uncertain. It made a doji to show the uncertainty at current levels. I will not be surprised if we see profit taking before we get an attempt to break top resistance? I say that because the heatmaps show that we are overbought.

You might recall that I said a few months ago that Apple was pricing themselves out of the market. They got the message and reduced prices drastically. Some items are even selling at a discount of 35%. Apple is however also overbought and is starting to show signs of resistance at its current level.

Berkshire Hathaway also made a long leg candle in very overbought territory.

JSE Technical:
I made a mistake yesterday by saying that Remgro has a large stake in Netcare. It is actually Mediclinic. I zoomed out a bit to show that Mediclinic has now reached an important resistance. Notice that the trend factor is also rising.

The stronger Rand is still driving the Financial Sector higher, but this index is also in overbought territory.

You must have a great weekend.
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