Chinese prediction .... Set for Worst May tumble in 50 years

    All Channels      Market Reviews  

Derek  14 May 2019

Good Morning,

International:
A Chinese prediction that Trump will not win the next election made him furious. My prediction is that we are heading for a Trade-War No-Deal? Another prediction from the U.S is that we are set for the worst May tumble in 50 years.

The previous Trade-War tumble took the S&P500 down -20%. Currently we are at -4.8% and on first support. Notice that FrontRunner is about to dip below the 3 green support levels. This means that the low has not been reached. I marked on the chart the previous time it dipped below these levels .... not a pretty picture!



Intel Corporation is one of the biggest losers so far, starting with gap with poor results and now the Trade-War is making it sink further.



Apple crossed the 200 day moving average downwards with a gap. Notice where FrontRunner broke down.



Similarly for my old favourite, Bank of America. I also marked the FronRunner break on its chart.



JSE Technical:
The JSE is just following world markets lower. The Satrix40 broke first support.



The only light on the horison is Sasol with a rising oil price. Notice that the trend line is not broken?



If you are looking for someone to blame this MAY, look no futher than T????

Enjoy your day.
Download TradeFX™
 

Copyright © 2017 {Zoclee}™. All rights reserved.