Markets mull significance of Trade Truce .... Gaps Everywhere

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Derek  2 Jul 2019

Good Morning,

Markets are hesitant as investors mull the significance of the trade truce. The S&P500 opened strong and as the day progressed it corrected, but in the end it did not close at the low of the day.

Notice the gap that the S&P500 made .... breakaway gap?

The Hang Seng is playing catch up this morning and made a second gap .... continuation gap? The first one was a breakaway gap.

I showed Wynn Resorts previously. It also made a gap to be the 3rd strongest mover in the S&P500. Notice that the trend factor turned positively. This group has the best hotel I have seen in Las Vegas.

Berkshire Hathaway is just continuing its upward move with resistance still a distance away.

JSE Technical:
Gold has lost its shine. Notice how Gold Fields first made a breakaway gap downwards and then followed it up with another gap .... continuation gap? I marked the divergence of the top on the chart. Can you see the head and shoulder formation (I did not mark it)?

Although Mondi still has a red trend factor, I wanted to show the flag break.

Kumba Iron Ore is ignoring the Rand and continuing its strong trend. With a trend factor of 234 it is the strongest trend share in the SATRIX40 and not a share to be ignored.

Enjoy your day.
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