Overnight Moves

Today, we looked at 14 charts; below are only a few. Join us in the morning call on Discord to see it all. Let’s have a look at the overnight moves. Unfortunately, we are seeing more red than green today, with a lot of pullbacks across the metal space. The Rand is down by .81%, silver is down the most by 5%, and we have more news from the Middle East… Iran declines the ceasefire plan set forth by the US, and statements indicate they do not intend to end the war at this time.

S&P 500 Index

The market was relatively quiet yesterday, and so we only closed marginally to the downside, managing to stay above 6,640, but today we see a continuation of that downward movement. Our levels will remain the same for today, with 6,600 being the key level as we hope to stay above that today, and then to the upside, we are looking at 6,653. Our weekly levels are 6,700 for resistance and 6,450 for the next support level, but that is still quite the distance away, and we only expect to reach that support if we see some major catalyst from the Middle East.

Sasol (SOL)

Sasol has done well this week so far and made a massive comeback after dropping nearly 16.5% on Monday before managing to end the day at only a 1.91% loss. With that rocky start to the week, most did not have high hopes for Sasol this week, but we are glad to see that it has remained stable with some sideways movement. Today we see the stock open above yesterday’s close and hope to see further gains, with resistance being found at R220, while support can be found at R200.

Tesla (TSLA)

We are keeping an eye on Tesla over the next month, as we saw recently that an OTM call valued at $1 million was placed by someone who expects the stock to gain in value by 20% over the next 23 days. This call is either coming from an individual who is aware of something, or it’s someone taking a massive bet. We figure there is no harm in watching how this stock performs over the next couple of days and see if this opportunity does present itself, or not.

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