Trade-War caused biggest U-turn .... Some trend breaks on the JSE

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Derek  30 Oct 2018

Good Morning,

After a strong start the the US poured cold water over the markets when it became known that more tariffs are planned for the outstanding China imports. This caused the biggest U-turn in 3 years.

Notice that the NASDAQ opened against the EMA8 line only to dip way below. FrontRunner has not broken up, trend line not broken and divergence is still in place.

The East is mostly positive and the Nikkei made an engulfing bull candle at current levels ignoring the latest Trade-War tariffs. Notice the exhaustion gap 4 days previously.

Amazon was one of the shares that dropped extensively with the new tariff scare to break another support line.

Analysts predict that software shares may follow Redhat's surge. +45% For the day with excellent results!

JSE Technical:
It was the banks that made the best moves on the JSE. I have been showing them for quite a while. After consolidation on support with divergence in place, RMB Holdings started moving positively.

We had a few trend line breaks on the JSE. I show the break of Anglo American. The negative trendline of FrontRunner as marked on the chart is also broken.

With all the divergences in place and in oversold territory, I still believe we can see a major turn. The uncertainty is what Trump next has up his sleave?

Enjoy your day.
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