Overnight Moves

In today’s morning call, we looked at 9 charts. Below are some of them, but first, let’s look at the overnight moves. This morning, we are seeing red due to risk-off sentiment and the high volatility in the market. The markets reaction is mostly driven by the renewed geopolitical tensions, the global tech sell-off, and hawkish central bank signals amplifying volatility.

Gold

Looking at the Gold Spot (XAUUSD), it is very seldom that we see a gap in such a liquid market; we even saw the value go as low as $4,890. We recommend keeping an eye on Gold today because this is abnormal. We did manage to stabilise, and this morning we are slightly higher than when the US Session closed. Our level to the upside is $5,100 and has yet to be broken, but we are still in a bull market. We could see a dip to $4,800, but only if we see further movement to the downside, and it falls below $4,880.

S&P500 Index

We saw a downward movement that managed to touch and bounce from our weekly level of 6,860. We see two ways today could play out: either we have momentum from the bounce to reach 6,930, or we see further movement to the downside, where we have a level based on the low from earlier this month of 6,750.

Amazon (AMZN)

Amazon has continued its downward trend since earnings and is currently down a further 2.2%. Our key support level for today is $198 and is holding, but if it breaks, then expect further momentum to the downside. We cannot recommend any longs on this stock as things currently stand.

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