ISM Manufacturing Report .... Rand in strong weakening trend

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Derek  2 Oct 2019

Good morning,

ISM manufacturing report comes in at worts level since financial crisis and markets tumble. All World Markets remain in a negative trend.

The S&P500 opened positively and even started to break the EMA8 line until the ISM report. In the end it closed below the 50 day moving average. Notice that FrontRunner never broke its average!

The Hang Seng gave up the previous day's gain and similarly FrontRunner is still heading down.

The similar downward trend can alo be seen on the chart of the Nikkei.

I mentioned yesterday that my favourite shares were not moving positively yet. I show Bank of America to illustrate this.

JSE Technical:
The Rand remains in a strong weakening trend and even caused gold shares to bounce again.

Financial shares remain under pressure with the weaker Rand.

In contrast the weaker Rand boosted Resources and I show the bounce of Kumba Iron Ore.

Enjoy your day.
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