Senior Analyst, Rand Swiss

Shaun is a senior analyst specialising in derivatives trading and technical analysis across index, commodity, FX, and equity markets. With nearly 20 years of experience in financial markets, Shaun brings deep expertise to his role, presenting research and analysis to Rand Swiss clients. Shaun is a regular commentator on local and global financial markets, contributing to major media outlets including CNBC Africa, Reuters, Moneyweb, and Business Day. He produces daily and weekly market reports focused on technical analysis and trading opportunities in his core markets. As a registered person at the JSE and a Certified Financial Technician (CFTE), Shaun combines formal credentials with practical market expertise.

You can follow Shaun on Twitter at @ShaunMurison_RS for regular market updates and trading insights.

Tech Tuesday: Wall Street leads as local markets seek direction

Tuesday, 6 October 2026

US indices continue to set the pace, with the Nasdaq extending into fresh highs and the S&P 500 testing record territory. Elsewhere, gold and the Top40 are consolidating as traders wait for the next directional break, while USD/ZAR and Brent crude pull back without yet invalidating their prevailing trends.

Inside this update:

• US Indices
• J40 Cash Index
• ZAR
• Commodities

J40 Cash Index

The Top40 Cash Index is consolidating after six straight weeks of decline. While the index looks oversold even on a weekly chart, we are letting price lead short-term direction. A longer-term range-bound environment assumes longs or shorts may be considered depending on whether resistance or support breaks first.

US Indices

The Nasdaq is extending deeper into new high territory, while the SP500 is testing its all-time highs. The Dow is now the laggard but looks to be forming a bullish price reversal off its near-term lows. A long bias remains favoured on all three indices, although our preference is to join the Nasdaq and SP500 trends at better levels should a move out of overbought territory provide the opportunity.

USD/ZAR

The USD/ZAR has now pushed past the previously guided resistance targets and has started to pull back from overbought territory. Initial support comes in at R16.40/$, but the short- to medium-term trend bias remains up for now.

Commodities

Gold

Gold has spent the last seven days consolidating in a tight range between levels $4108/oz and $4180/oz. For the next short-term commitment to direction, we await a break above resistance or below support. With this in mind, we look at possible targets and failure levels for the next possible moves.

Brent Crude Oil

After tagging resistance, the price of Brent crude has started to pull back. Three days’ worth of declines to erase only one day’s worth of gains suggests the momentum is still in favour of the bulls, that is, as long as support holds.