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: Top40 tests resistance as markets brace for a data-heavy week

Tuesday, 27 October 2026

Bullish reversals across local and US indices point to further upside, but the Fed, tech earnings, inflation and GDP data could bring volatility over the coming days.

Inside this update:

• US Indices
• J40 Cash Index
• ZAR
• Commodities

J40 Cash Index

The Top40 index has formed a bullish reversal off support, with the price now testing resistance. A break of resistance could unlock a further 1,500 to 2,000 points to the upside, although caution is advised through what could be a volatile week in the wake of a lot of data to follow.

US Indices

The Nasdaq, S&P 500 and Dow have all found support and produced tentative bullish price reversals. While looking technically bullish, tech earnings, the Fed meeting, inflation and GDP data cautions volatility over the coming days.

USD/ZAR

The USD/ZAR has broken its resistance with some momentum. The trend of dollar strength rand weakness remains in play for now. Traders might look at locking in at resistance or trailing their respective stops. The next couple of days sees a lot in the way of US data to contend with, including the Fed, earnings, inflation and GDP.

Commodities

Gold

Gold is again consolidating in a very narrow range in a news heavy week which could influence the dollar and through inverse correlation the commodity. We are not far off major lows, a break of which could change our assessment of the price which is currently considered to be in a broad range bound trading environment.

Brent Crude Oil

Brent crude has rallied through our resistance target and now trades firmly in overbought territory. The overbought signal is against the prevailing uptrend and not considered reason enough to short the market, although should a pullback ensue, it could be buyable if trendline support is maintained.