Hong Kong tensions remain high .... Rand heading to all time high

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Derek  13 Aug 2019

Good Morning,

Asian markets fall as Hong Kong tensions remain high. Netapp warning are spooking investors in the U.S.

About all indices worldwide is busy with leg c of the correction. I stay with the S&P500 as we have been following it closely for the past week. I marked the abc correction on the chart.

Cisco Systems Inc. heads into its fourth-quarter earnings report Wednesday facing concerns about its exposure to the U.S.-China trade impasse and a revenue-guidance warning from NetApp Inc. last week. The share price shows these concerns and is nearing support and the 200 day moving average.

I showed that Advance Micro Devices was at resistance again in the previous review. With such a negative vibe, it was expected that you will get lots of profit taking at resistance. The end result was a drop of -5.15%.

JSE Technical:
The Rand has taken some severe beating and with it the Financial Sector.

I am showing the weekly chart of the Rand against the Dollar to show that we are fast moving towards the all time high of Jan 2016.

The Financial Sector has broken bottom support and is in free fall!

Sorry for all the bad news, but I can only show what I see. The important thing to wait for is the S&P500 to reach support.

Enjoy your day.
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