Known to all, the US markets have outperformed the SA markets for a significant period of time. From a pure charting perspective, the series of higher lows on the macd indicator vs the series of lower lows on the price chart of the pair (SA40 vs.SPX) is indicative of bullish divergence warning of a change in trend where we could start to see the SA40 Index outperform against their US counterpart. Fundamentally feels impossible with all the bad news locally, but it could purely be a case of the rand weakness against the dollar which drives your "rand-hedge" counters such as Naspers, BTI, CFR and the resources which are a significant weightings of our index. This is a weekly chart so it could take some time to play out, but it will be interesting to monitor this going forward.
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