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’s rally runs hot, rand and commodities eye key levels

Tuesday, 22 September 2026

Wall Street’s rally has pushed the Nasdaq and S&P 500 deep into overbought territory, while the Dow continues to lag. Closer to home, the Top40 remains caught in a narrow range as USD/ZAR retests support at R16.19/$. Gold has returned to where it began last week after breaking both support and resistance, while Brent crude is pulling back towards an important confluence of support.

Inside this update:

• US Indices
• J40 Cash Index
• ZAR
• Commodities

J40 Cash Index

The Top40 has entered a narrow short-term trading range. Long candle wicks and relatively small bodies highlight the current indecision, with attention turning to the levels that could see directional momentum re-established.

US Indices

The Nasdaq and S&P 500 have continued to push higher, but both are now trading deep into overbought territory. The Dow has lagged its peers, potentially creating a catch-up opportunity as traders assess where the next setups could emerge across the major US benchmarks.

USD/ZAR

USD/ZAR has pulled back to retest the R16.19/$ support level, moving out of overbought territory in the process. Despite the retracement, the broader reversal pattern remains intact, keeping potential upside targets in focus.

Commodities

Gold

Gold has effectively returned to where it began last week after first breaking support and then resistance. The conflicting signals leave the near-term picture somewhat ambiguous, although the technical setup currently suggests a tentative upside bias.

Brent Crude Oil

Brent crude is correcting from resistance and overbought territory and is now approaching a confluence of support. How price behaves around this key area could provide the next directional signal.