Overnight Moves
Today, we looked at 13 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. Today, we see the Rand marginally weaker, and a slight shift to the positive for PGMs, and Bitcoin is down 1%. Oil moved slightly to the upside, but compared to previous moves, it is relatively flat. Trump extends the deadline for striking Iran’s energy plants into April, but we still have no clear direction on how talks are proceeding. The US claims talks are going well, but Iran says they are only reviewing the US plan and have not agreed to any negotiations at this time.
S&P 500 Index
Yesterday, we started in the green, but as the day went on and more headlines came out, the market got more wary of the current geopolitical situation between the US and Iran. We had previously seen the market react to President Trump’s words alone, but now we see skepticism on any statements, as the market wants real, solid evidence or results. Lately, we have seen every single rally get sold, so we are still facing a strong downward trend. Our levels are 6,510 and 6,450 to the downside, with 6,600 and 6,660 to the upside. We recommend just watching for headlines as we try to navigate this time of conflict.
NVIDIA (NVDA)
We are nearing a very key level for NVIDIA as it approaches $170, which has generally been a strong support for the last couple of months. If we break and hold below, we will be looking at $165 for the next support, but if we see continued selling, we could look at $150. Last year, NVIDIA was one of the strongest growing stocks, but since just before August, it has been range-bound and just moving along sideways. With the latest Tech market struggles, we are now seeing a small downward trend in this stock.
Gold
Gold has moved sideways a bit after losing its gains of the last two days, but already this morning, we are seeing a recovery. While it is good seeing this upward movement today, we think it is best to wait and see if we can breach and hold above $4,480 before feeling confident in continued upward movement for the rest of the day. We are looking at support being around $4,350.
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