Overnight Moves
Today, we looked at 12 charts; below are only some of them, but first, let’s have a look at the overnight moves. We see more green in the commodity space as well as the Rand strengthening. We have seen no overnight headlines that warrant mentioning, but keep an eye on the U.S. tariff situation and their dealings regarding Iran. Platinum is our standout metal for the day, up by 5.46%.
S&P 500 Index
We had a bit of a bounce yesterday, coming off the lows of the previous session. Our levels are still in play today, with 6,910 being our closest resistance level, and if we break above it, we can then look to 6,930 for resistance. Expect more of the same sideways movement today. We see no headlines in particular that drove the move upward, so we think this was just dip buying. Our level of support for today is 6,840, and our weekly support is at 6,800.
Advanced Micro Devices (AMD)
AMD had some news yesterday; they have managed to come to a deal with META, which will be using AMD hardware for A.I. and chipsets. This news brings a welcome boost to the tech sector, and also helped AMD close the session up 8.77%. We see AMD has found support around $200, and we will have to wait and see if we manage to maintain this upward movement or if we move down and close the gap. We want to briefly touch on the direct rival to AMD, NVIDIA, which, despite not being chosen by META for this deal, still managed to end the day relatively strong. NVIDIA has earnings today after hours, so we think it is one to watch today. We also featured NVIDIA on our Monday blog post.
iShares Expanded Tech Software (IGV)
IGV saw elevated volume yesterday, more so than the previous session, the difference being that there was more interest in buying this time. This provides an appealing setup for some of our traders who are happy to enter this with a stop-loss set at or just below $76, with a target of $83 for a minimum and the actual goal being above $86. Seeing as this ETF has held a lot of interest this week, we might have found a bit of a bottom, but we will have to wait and see if we can stay above the lows of the last couple of sessions.
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