Bounce on Rumours .... First signs of support for Financial Sector

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Derek  14 Aug 2019

Good Morning,

International:
Here we go again. We had a bounce with progress on Trade-War talks. Can we believe it or did Trump realise the damage he is doing to markets?

Protests in Hong Kong that have persisted for the past two months could eventually deliver a more lasting blow to U.S. and global markets, market strategists and geopolitical experts told MarketWatch.

We had an engulfing bull candle for the S&P500 that closed above the EMA8 line. When it touched the 50 day moving average, it started retreating for the day. I do not like bounces on rumours, but it is a rising bottom?



The DAX and the FTSE both have high volatility on strong support. You always get high volatility at key turning points. I show the DAX.



Apple was one of the shares that made a big bounce.



Let's look what Bank of America did? After a huge bounce it touched the EMA8 line and 200 day moving average and then fell back to close only with a +0.29% gain. Not very convincing yet?



JSE Technical:
The swing made gold shares collapse dramaticly. I show Gold Fields that corrected -10.1%.



The Financial Sector showed the first signs of finding support with a green body candle. Notice the high volume the previous day and FrontRunner starting to move positively. Investors are starting to see value at these levels.



Enjoy your day.
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