Asian Markets plunge as .... JSE followed world markets

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Derek  6 May 2019

Good morning,

Hotter than expected April jobs report in the U.S. made the indices make another attempt on the resistance lines, BUT then Trump is at it again. He wants to increase current tariffs from 10% to 25%. This puts the current trade deal in jeopardy!

The S&P500 managed to close above the resistance line again. Notice that we are in neutral territory now. (Yellow Heat Maps). The latest development from Trump will not keep it there for long as the futures show a -2% drop.

Result Season is still sorting the shares in the U.S. Illumina broke up from oversold territory.

And then we still have shares that did not meet expectations. I show where Arista Networks broke the previous positive trend line. You had enough warning to sell if you just looked at the FrontRunner moves.

JSE Technical:
Everything on the JSE just took off. The nicest moves were the Resources that was oversold.

Kumba Iron Ore had the nicest break. FrontRunner broke up, trend line was broken and the MACD made a green bar. And all this happened in oversold territory.

Standard Bank broke out of the horisontal pattern I have shown so many times before. The share moves strongly up, then consolidates between 2 resistance lines and then break out again in the direction how the pattern was started.

There are plenty more examples to see in TradeFX. You can download it below and try for a month free.

Enjoy your day.
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