JSE:J200 Top40 Waiting for the Election
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The Top40 has had a great run since the start of the year. On the way up there were two occasions when institutional supply entered the market (seen by the high volume) but was unable to stop the advance. Now the market has reached the highs were previous institutional supply occurred. However, the volume has declined in the leadup to the elections. Trading volume can be expected to be low until the elections are over and the market can decide a direction. Something to note is that the RSI has made a negative reversal and once volume returns to the market we could have a volatile decline.
Nota
Price has broken the upward stride and held below it with some volume. Nota
The distribution of JSE Stocks continues with high volatility on declines with high volume. We have reached the yearly pivot point and could see a pause but still looking for a test of the bottom of the upsloping channel.
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