No change to expectations from FED.... Banks lifted heads on JSE

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Derek  22 Aug 2019

Good Morning,

International:
Bank of America Corp.’s CEO Brian Moynihan says he doesn’t see a recession in the offing because the U.S. consumer remains healthy.

Stocks in Asia drifted after minutes from the Federal Reserve’s latest meeting did little to alter expectations for more interest-rate cuts.

In anticipation of the FED's minutes the U.S. markets moved positively.



While my favorite bank CEO spoke, lets look at what Bank of America did. It closed with a doji just below the EMA8 line.



While many shares are hesitant, Home Depot smashed top resistance. Notice the large breakaway gap that started the positive move.



JSE Technical:
After being completely oversold, some of the banks started to lift their heads. FirstRand even managed to have a positive trend factor again.



Sanlam broke the EMA8 line, but must move some more before we will have a positive trend factor again.



Enjoy your day.
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