Recession warning causes big sell-off .... Many trend lines broken

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Derek  25 Mar 2019

Good Morning,

Big sell-off in the U.S. as bond market flashes recession warning. It is war out there as the Bears took control again. The recession fears also caused the Asian markets to follow the sell-off.

The S&P 500 could not stay above the strong resistance and even smashed the EMA8 line downwards during the big sell off.

Agilent Technologies showed divergence before the selloff.

Similarly for Akamai Technologies. Notice that the trend line is broken too.

Bank of America closed the open window and is still in a strong down trend.

Nike started its correction with a Breakaway Gap, trend line and EMA8 line break.

JSE Technical:
Gold shares outperformed the market with the big sell-off. AngloGold Ashanti was the winner with a +6.75% gain.

I showed the pattern before when a share starts falling, then go sideways for a while and then continues the drop. MR Price is an excellent example of this pattern again and busy completing the downward phase.

It will take a huge effort from the bulls to break this negative sentiment?

Enjoy your day.
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