Brexit NOT approved .... FrontRunner Prediction

    All Channels      Market Reviews  

Derek  21 Oct 2019

Good Morning,

News in brief:
Boeing and J&J shares exact more than 220-point toll on the blue-chip index.
This in turn pulled all the indices down.
Brexit was not approved by parliament .... I cannot see them ever getting approval?
Asian markets are mixed this morning on low volume.

International:
As both Boeing and J&J are listed in the DOW, together with IBM, that index got hit the most. A few shares influence the DOW a lot and that is why I rather prefer the S&P500. Notice that the DOW broke the EMA8 line, Frontrunner broke down and red bars started appearing in the MACD.



The S&P500 also got influenced by the negative sentiment. All the indicators did the same as the DOW except for the EMA8 line that was not broken. With blue-chip heavy weights correcting, it might be quite a while before we will see an attempt on top resistance.



It was actually not Boeing that corrected the most, it was L Brands. I listed the table of corrections on the chart of Boeing. Notice that J&J and Netflix are 3rd and 4th.



JSE Technical:
The JSE did not know wheteher it was coming or going as it was influenced by Brexit and world markets. Look at the volatilty of the day after the previous day's doji. In the end it closed close to the low of the day and below the previous day. I show the Satrix 40 and notice that it made an engulfing bear candle!



I must show the FrontRunner prediction again for a top. I show it on the graph of Anglo American Platinum. At 1 Frontrunner predicted that the top has not been reached. It then reached it 6 days later and made 2 doji's. At this point we had divergence and then the correction started. I am a true believer in divergence .... until someone can convince me otherwise?



Enjoy your day.
Download TradeFX™
 

Copyright © 2017 {Zoclee}™. All rights reserved.