Overnight Moves

Today, we looked at 11 charts; below are only some of them, but first, let’s have a look at what happened overnight. We had a relatively quiet night with silver once again ending up in the green, but only marginally. Oil is up today, given the tensions that flared between the U.S. and Iran, with the United States government making certain comments on the situation. We talk more about Oil below.

S&P500 Index

We saw some gains yesterday with the S&P500 futures, but overall, not much movement. We did see the comments coming out of the recent Fed meeting, which are more hawkish than what the market was expecting, and there was some selling around that time, but once again, only marginally. Most of the Fed members are saying that they are not happy with the current situation on inflation, and if it stays around where it is currently, then rates should be hiked and not lowered, which goes against the current plan. We can once again see on the chart that we are going sideways, and our levels for today are 6,860 to the downside and 6,930 to the upside.

Oil

The developing situation in the Middle East is important. Tempers flared between Iran and the United States, which was quite a reversal from news we received earlier this week, when it was reported that both parties appeared open to and working towards negotiations. Headlines now report that President Trump is close to intervening, and Vice President Vance has said the talks are stalling. As a result of this recent news, we saw a big push to the upside. Sasol (SOL) and its U.S.-listed ADR (SSL) should be watched closely today. If escalation is on the horizon, expect a push towards safe havens.

Opendoor Technologies (OPEN)

Opendoor has seen some buying from its executives, and they have been buying quite a bit of their stock over the last couple of weeks. We suggest that this is one to watch today as we go into earnings. Some of us have been watching it since it was trading below $1 and saw it climb up above $10. We will have to see what the play is once the U.S. market opens, but it should be interesting.

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