Overnight Moves

Today, we looked at 6 charts, below are a few of them. Once again, we are seeing red on the board as global markets show mixed signals today, with ongoing volatility driven by AI disruption fears in the Tech sector and recent geopolitical tensions flaring. Metals have taken the hit, with Gold and Silver bearing the brunt, more on Gold below. The iron ore space should be quiet this week due to China’s Lunar New Year holiday.

S&P500 Index

This morning, we see the S&P500 futures ranging around the bottom of the lows we saw on Friday, while we have no particular catalyst in play at the moment. Our weekly level is 6,810, and if we were to dip past that level, we would say the next support would be found along 6,760 or 6,740. If we start to break below 6,810 and manage to hold, then we could be looking at a short-term bear market. Our level to the upside is 6,880.

Gold

Gold is down a bit overnight, and we see no headline or any news in particular regarding this downturn. If we look at where the U.S. market closed on Friday, we can see that Gold was trading at $5,034, so this is a sharp turn to the downside. We still say this is one to watch today, as it may provide you with an opportunity. Our support and resistance levels stand at $4,880 to the downside, $4,990 to the upside, and if we manage to pass tha,t then we can look at $5,100 for resistance.

Afrimat (AFT)

Afrimat released a trading update this morning, which seems to have been well received. Currently we believe the stock stands at a nice entry level for a long position, and we do see support around R37 and R38. We will wait and see how this plays out today, but we are of the opinion that this could go back into the R50 range. We need to see if it can break past R46 first, and how it opens today be something to watch.

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