US-China deal needs time? .... JSE following world markets

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Derek  17 Oct 2019

Good Morning,

Markets are mixed as US-China trade deal needs more time!

The pattern on the graph of the S&P500 is repeating itself. Positive candle followed by a doji and the same candles again. The last doji confirms the hesitation on the negotiations again.

The Hang Seng is not bothered about the US hesitation and continued its positive move this morning.

IBM missed projections and the share closed just above the EMA8 line after slipping. I am not a big fan of head and shoulder formations, but did mark it on the chart for what its worth?

Microsoft is also hesitating against strong resistance and would need a lot of steam to break it.

JSE Technical:
The JSE finally started following world markets higher.

Naspers and Prosus broke their EMA8 lines. I show Prosus. Notice that FrontRunner started waking up, not any meaningful data yet other than its moving up.

Similarly to the stocks in the US, the medical sector is busy lifting its head. Mediclinic broke important resistance and is taking Remgro up with it. I zoomed out a bit to show how far it was sold off. The TrendFactor also started moving up and should soon show a positive one. I also marked on the chart where FrontRunner broke up in oversold territory.

Enjoy your day.
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