JSE TOP 40 Cash Index price forecast dividend notification and key data to watch this week 5 July
South Africa Top 40 Index price moves into consolidation, but trend bias still down
The lay of the 20 (red), 50 (green) and 200 (blue) moving averages as well as our declining trend line continue to suggest keeping a short bias to trades on the South Africa 40 Cash Index.
In the near term the price of the index has moved into a consolidation between levels 59115 (support) and 61710 (resistance).
Keeping with the longer term trend bias we continue to look for short entry on a bearish reversal off range resistance at 61710.
In the event of an upside breakout from this range we would instead be looking for short entry on a bearish price reversal before the 63500 level.
Alternatively a break below range support at 59115 could trigger a short entry as well with 58425 and 57035 as downside support targets.
We are only looking to reconsider long positions in the event that a range breakout and move higher can take us above resistance at 63500.
Cash Adjustment notification
Please note that the South Africa Cash 40 Index will adjust for a dividend in the underlying on Tuesday the 5th of July, currently estimated at 28 points
Key data points this week
| Date | Time | Region | Event |
|---|---|---|---|
06 July |
4:00 pm |
USD |
JOLTS Job Openings |
06 July |
8:00 pm |
USD |
FOMC Meeting Minutes |
07 July |
2:15 pm |
USD |
ADP Non-Farm Employment Change |
08 July |
2:30 pm |
USD |
Average Hourly Earnings m/m |
08 July |
2:30 pm |
USD |
Non-Farm Employment Change |
08 July |
2:30 pm |
USD |
Unemployment Rate |
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