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. The market is on an upward trajectory across most of the board today, with a strong Rand expected to help relieve the banking and retail sectors that have been struggling due to the rise in oil prices. The biggest winners so far have been equities and precious metals, which have seen increases in value of between 4% and 9%. Oil, in the meantime, had a dramatic fall, which, by extension, will lead to Sasol (SOL) coming down as well.
S&P 500 Index
We’ve seen an increase to 6,831. from yesterday’s 6,598. points as retail and tech sectors were able to capitalise on cheaper oil prices and continue to stay in the green. It remains to be seen whether it’s able to grow into the 6,900. range, or go down to 6,700. as we might be facing a ‘tug of war’ between a lot of trapped shorts and longs looking to take a profit.
Gold
Gold and other precious metals have had the largest jumps in value today, with gold coming up to just shy of $4,800. following the trend of gold rising after the flat period in late March. We speculate that it’ll rise to around $4,880. and again to the $5,000.s, making it a great opportunity for profit and very important to keep an eye on.
Oil
Oil was the main loser today, as we saw a much larger drop in the oil price than what we saw yesterday. This, by extension, has caused an approximately 6.5% drop in Sasol (SOL). We think oil should be watched closely, as it likely will continue to drop closer to pre-war levels in the future and impact the market accordingly.
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