JSE Top 40 Index

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The index closed yesterday's session lower by 1.26%, near 1-week, 1-month, 3-month and 6-month lows. Yesterday's lows also represented the 4th test of the ~99,500 level, which is becoming more likely to be breached, unless we see an immediate and definitive change in character (i.e. better candle structure) which would reflect buyers starting to take control. Considering the position versus the moving averages, the index remains below it's declining 8 and 21-day exponential moving averages (EMA) while both of these EMAs are below the downward trending 75-day EMA. All of these moving averages are below the 200-day SMA which is starting flatten out after being in an upward trend for an extended period. Immediate rallies from current levels are likely to be met with selling pressure, specifically around the 75-day EMA (and 8-week EMA).

Lester Davids

Senior Investment Analyst: Unum Capital