US shares are still correcting .... Exhaustion Gap for Gold

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Derek  30 Sep 2019

Good Morning,

Ben Carson said: “We’ve been conditioned to think that only politicians can solve our problems. But at some point we, maybe we will wake-up and recognize that it was the politicians who created our problems.”

As we do not know what the politicians are likely to do next, lets rather see what the technical indicators are showing.

The S&P500 closed for the sixth day below the EMA8 line. Notice where the MACD bars turned red. We are slowly moving into oversold territory according to the HeatMaps.

Similarly for the Hang Seng that is even more oversold than the S&P500.

As the Index showed, most of the shares are correcting as can be seen on the chart of Global Payments. Notice that we are very oversold.

JSE Technical:

I showed the gap of Gold Fileds last week and we were waiting to see if it was an exhaustion or continuation gap. Gold shares retreated and it can clearly be seen that that was an exhaustion gap. The HeatMaps were in overbought territory which made the possibility that it was an exhaustion gap even greater. Another warning was the doji and the small body candle after the gap.

The Rand is weakening and that made Anglo American break a short term trend line.

I showed last week that the Medical Sector is starting to get their act together. This time Netcare declared better than expected results and the price shot up +6.87% for the day. Notice that the long and short term negative trend lines are broken.

Enjoy your day.
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