US await clarity on FED monetary policy

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Derek  30 Jan 2019

Good Morning,

A fresh batch of earnings reports and awaiting clarity on FED menetary policy dominated the markets.

Although the DOW was the only positive index in the US, notice the 5 doji's in 5 days. This shows the uncertainty at current levels. The Dow did manage to stay above the EMA8 line. With the sideways movement it is slowly moving out of the overbought situation.

After the abc correction, Phizer came with good results and made an Engulfing Bull candle on support. Also notice a FrontRunner break and green MACD bar. Not always that you get so many signals together.

Technology shares are still pulling the NASDAQ down. Adobe Systems made a doji against my long term trend line and then started correcting. The 200 day moving average (pink) also acted as resistance here.

I must show Microsoft too where all the signals are working together. Double top against resistance with divergence. Trend line broken, FrontRunner divergence and falling tops, red MACD bars. Also to notice is that the double top was made with 2 doji's.

JSE Technical:
The JSE had a strong day.

I showed BHP Group earliar this week when it started bouncing off the platform. It has broken the negative trend line since and currently in a positive trend.

I want to conclude with the FTSE 100 to show how they had a strong positive day before the Brexit voting! Still in a long term negative trend though.

Enjoy your day.
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