Overnight Moves
Today, we looked at 14 charts; below are only some of them, but first, let’s have a look at what happened over the weekend. We have seen some headlines since Friday, the biggest being the United States Supreme Court decision against President Trump and his global import taxes. We should expect higher volatility as a result, even as the situation in the Middle East remains unchanged, and we are seeing some safe-haven buying in metals as the dollar weakens.
S&P500 Index
When it came to the S&P500 futures, we saw some upward movement around the time the American Supreme Court ruled against President Trump’s global import taxes, but thereafter we saw downward movement as the rest of the headlines followed. We are back around the lows we saw on Friday and should expect to stay in a similar range. Resistance to the upside is at 6,930, with support to the downside at 6,800. If we manage to push above the resistance level and hold, we could manage to climb back towards 7,000 given time.
NVIDIA (NVDA)
NVIDIA will be coming out with its earnings report on Wednesday. There are a lot of expectations on the company, and its past earnings have been relatively non-eventful in terms of volatility, so we will have to wait and see if it’s the same this time. Our levels are going to be $180 as that seems to be the highest level of order flow, and we have $176 to the downside for support, but in general, our range seems to be between $170 and $195.
Gold
Gold has broken out of its sideways consolidation, breaking past our resistance level of $5,100, which is now our level of support as we hope to see further upward momentum back up to the all-time highs of $5,600. The trend is still intact as we see new high-lows, and so we should see gold trade better this morning as even at the time of writing, we see it doing better when compared to Friday, with an ever so slight gap between the sessions.
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