JSE ALSI 40 is a mess - Bearish bias to 63,460

Yep, the JSE ALSI 40 is in yet another Twilight Zone.

We see sideways motion, prior downtrend and there are sideways indicators.

The bearish bias part of it is that price is below 200MA.
The RSI is showing lower highs (Bearish divergence).
We also see low volume on the buying side.

More importantly, we have a flat monday with no conviction...

And if the price does break below the Symmetrical Triangle, we could see downside in the week.

The target could be very well to 63,460.

Here is your weekly wrap up.

The U.S. stock markets mostly closed higher, with a significant highlight being the S&P 500 surpassing the 5,000-point level for the first time.

The growth was driven primarily by big tech companies and a variety of sectors including software, semiconductors, communications, media, regional banks, trucking, apparel retailers, auto suppliers, and Chinese tech stocks showing notable performance.

Conversely, sectors such as real estate, energy, food & beverage, cruise lines, and casual diners lagged behind.

Microsoft stood out by achieving a 1.6% rise in its shares, which boosted its market capitalization to $3.125 trillion, marking the highest valuation ever for an American company. Additionally, the yield on the 10-year Treasury note closed at 4.166%.

In europe:

In Europe, equity markets ended the day lower, with technology, media, and healthcare sectors leading the gains, while food & beverage, real estate, and utilities faced declines.

General indices:

Market performance indices closed as follows:
S&P 500 up by 0.57%,
Dow Jones Industrial Average down by 0.14%,
Nasdaq up by 1.25%,
FTSE 100 down by 0.30%,
DAX down by 0.22%, and
CAC 40 down by 0.24%.

Asian markets

Asian equity markets saw minimal activity, with most closed for the Lunar New Year holidays.

However, there was a notable increase in holiday travel activity, with Xinhua reporting the addition of 1,873 passenger trains across the railway network on Friday.

Markets such as Nikkei, Hang Seng, and Shanghai were closed, while the ASX 200 saw a modest increase of 0.19%.

In South Africa

In South Africa, the Johannesburg Stock Exchange (JSE) closed lower, primarily dragged down by the resources sector, which fell by more than 2% due to weaker metals prices.

The precious metals and mining sector saw a decrease of 2.22%, although industrials managed a modest gain, supported by solid performances from companies like Bidvest, Naspers, and Richemont.

The yield on the 10-year government bond closed at 9.955%.

Thank you for reading and enjoying the daily wrap up and analyses we provide to Trading View for you!