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. This morning, things are looking a little calmer, especially given the context of the last week we have had. We have not had much change overnight besides VIX, so we expect today to be another quiet session.

S&P 500 Index

Yesterday was a relatively quiet sideways session where we managed to hold the level of support at 6,750, as well as touch the high of 6,850, but we were unable to hold as the value retreated. If we see upward movement today, we hope to reach that level of 6,850 and maybe even go to 6,880, with our level of support for today is 6,750. If we manage to breach and hold above these resistance levels today, then we could be looking at an opportunity to retest 6,900.

IShares Expanded Tech-Software (IGV)

We have been watching this one for a while, and we were very happy with the performance it was maintaining, but we have found some resistance around $88. IGV has been moving sideways since last Thursday, but with yesterday’s pullback, we could be looking at another opportunity. We would not suggest buying in currently, but maybe instead at $80 with a stop-loss at or around $79 depending on your risk. The level of support can be found at our previous swing low of $76

Harmony Gold Mining (HAR)

Harmony came out with earnings today and had already come out with a trading statement; the dividends do look like a bit of a beat when compared to what the consensus was. Other than that, the rest performed pretty much as expected, with gold production looking a little disappointing according to the trading statement, but they did miss on revenue. All in all, today will not be an easy day for Harmony, and we need to see how golds perform today, as they did not do too well in the previous session. Support can be found at around R300, and if we dip below that, then expect further movement to the downside. If we do manage to regain, we hope to see it reach R330, as only then will we be confident in seeing further gains from Harmony.

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