Markets remain in correction phase .... Rand took a dive after ....

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Derek  29 May 2019

Good Morning,

As the trade war between the U.S. and China showed no signs of thawing, the U.S. corrected futher and Asia is following this morning.

The S&P500 only touched the EMA8 line and then took the path downwards again. It broke an important support.

As Berkshire Hathaway gets closer to its support, the unconfirmed divergence is still in place.

The 200 day moving average (pink line) acted as support for Home Depot. It even broke the trend line and FrontRunner is not bothered and moves positively, but the negative sentiment also had its effect on the price move.

JSE Technical:
After it became know that David Mabuza was sworn in as an MP, the Rand took a dive and took all financial shares down with it.

I show the Financial Sector that remains in a negative trend.

The weaker Rand benefitted the Rand Hedges and Impala Platinum broke its negative trend line.

The Rand may be in for some more hammering, depending on the Cabinet announcements?

Enjoy your day.
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