Overnight Moves
Today, we looked at 18 charts; below are only some of them, but first, let’s have a look at the overnight moves. Today is looking a lot better than yesterday, and we are noticeably greener. The Rand has strengthened marginally, while metals have gained across the board. With VIX coming down, we also see a near 4% drop in oil. No major news coming from the Middle East besides some parties stating that the conflict is nearly over, which is what we heard last week, so we will have to wait and see if this time it holds true.
S&P 500 Index
Yesterday, we saw movement between 6,640 and 6,560, and over all ended the day weakened by about 0.25%. Our level of resistance did come into play at 6,630, but we just did not manage to stay above it. While we did dip below support at 6,600, we managed to come back up a bit and ended the day at 6,609. Our levels today will remain the same. We have seen a trend where we are making lower highs, so keep that in mind. We do hope to see a comeback where we can retest 6,700 in the near future, but for now, we need to see if we can hold above 6,600, as we already see downward movement this morning.
Gold
Yesterday, we saw gold fall by about 3.5%, and we believe this is due to retail traders getting out as we saw further downward movement. Support can be found at $4,580, and resistance will be seen at $4,880. We do see some gains already being made this morning, so let’s see if that momentum carries past $4,740. At the time of writing, it is making higher lows, and let us also take into consideration the lower VIX today, that we could see a bit of a comeback.
Super Micro Computer Inc. (SMCI)
SMCI had news after hours. Three people associated with the artificial intelligence server makers were charged with helping smuggle at least $2.5 billion of U.S. AI technology to China in violation of export laws, the U.S. Justice Department said on Thursday. So, with the indictment looming, we say this is one to keep an eye on, but not have any expectations. At close, we saw the stock up by 1.45%, but since this catalyst is fresh, we could see at open that this stock could fall as low as $20.
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