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 have a sea of green again, with commodities being, once again, the big movers. Platinum had an excellent day and is up 6.78%, palladium is up 3.66%, and silver is up 4.21%. The U.S. and Iran are still trying to reach a resolution, with talks extended as dates are shifted to meet.

S&P 500 Index

We did not manage to cross our level of resistance at 6,980 for the day; instead, we moved downwards and managed to dip below support for a portion of the day, passing both 6,910 and 6,900, but we did manage to come back up a bit and close at 6,920. This morning, we opened just below our supports, so we now need to wait and see how today plays out, as we see continued sideways movement. We are seeing a symmetrical triangle with the chart making lower highs and higher lows at the same time, so again, just another sign of uncertainty and sideways movement.

Alibaba (BABA)

Alibaba is an interesting one that we recommend watching today, since it is at a very nice level with the potential to close the gap to $150. We suggest a stop-loss set at $140 to $136, intending to close the gap and see continued upward movement into the $170 to $180 range. This is more of a swing trade idea, so we will have to see over time how this plays out.

Sasol (SOL)

Sasol is down heavily today, but it seems to just be profit-taking, as we see no news that would drive this push to the downside. It closed the session below the breakout level of R130, so we will have to watch how it opens today to see if the buyers lead the session to recoup some of those gains. Sasol did manage to trade well after we closed with the U.S. ADR, SSL, opening below the previous session, but managed to gain 4.7%. All in all, Sasol is definitely one to keep an eye on today, as it would be interesting to see if we can make up for yesterday.

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