FED rate cut disappoints .... Poor Economy Weighs on JSE

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Derek  1 Aug 2019

Good Morning,

The FED disappointed with its rate cut and the trade talks concluded with no major breakthrough! Items that is no good for a happy market.

All this caused that the S&P500 to decisively break the EMA8 and trend lines downwards.

In the mean time the result season is still influencing individual shares. Apple made a gap, but the move was stalled by the FED.

After stalling at resistance with divergence, Advance Micro Devices's results did not convince and the share made a breakaway gap downwards. The double top with divergence was the key to take profit.

JSE Technical:
With the poor economy, I do not see a light at the end of the tunnel? The Satrix40 is still heading down as a result.

Similarly for Resources.

Enjoy your day.
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