Markets ahead of FED decision .... Weaker Rand affects JSE

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Derek  18 Sep 2019

Good morning,

We had modest gains amid turbulent oil prices and ahead of FED interest rate decision.

The S&P500 lifted its head slightly and managed to stay above the EMA8 line.

Home Depot closed at the high of the day, but still below the EMA8 line and the previous day's low.

Although Caterpillar is still in a strong trend, it broke my trend line and it remains in very overbought territory.

JSE Technical:
The Rand weakened and everyone tried to take profit from the recent gains. As the indices were in overbought territory, there were not many buyers around and we had steep declines on the JSE.

The Satrix 40 index made an Engulfing Bear candle in very overbought territory. Notice the FrontRunner break and red MACD bar.

FirstRand moved too far away from the EMA8 line and it gave up all of the previous day's gain. Notice that the HeatMaps are showing the overbought territory.

Enjoy your day.
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