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 the Rand grew by 1.5%, following yesterday’s jump, which marked the strongest day for the Rand since the mid-2000’s. Meanwhile, the market has been moving sideways after the drastic shifts we saw yesterday. As a result, we believe that today is a profit-taking day, as it’s highly unlikely that such momentum can carry on for multiple days without an event or catalyst to facilitate continued growth. It also means that today will most likely be relatively quiet, as the volume of trades is likely to shrink as well, with PJMs like Impala (IMPUY) as the most likely candidates to see any noteworthy growth today with a positive catalyst.

S&P 500 Index

Following yesterday’s events, the U.S. market has entered a wait and see period, which will most likely be highly influenced by the headlines that come out, particularly in relation to the Iran war. There are also some worries around inflation, which so far hasn’t had a notable impact, but we think this uncertainty will carry on into the weekend. What we can tell regarding certain stocks in the index, such as Tesla (TSLA) and Microsoft (MSFT), were relatively weak yesterday, which you might want to have a closer look at.

Oil

The price of oil saw a massive drop yesterday, and it seems to be more stable now. But it’s important to keep a close eye on your Sasol (SOL) and other oil investments as events develop. This side of the market is heavily influenced by the war in the Middle East, which saw a two-week ceasefire yesterday. But the temporary peace is already in danger of falling apart following airstrikes in Lebanon, which could lead to the participants backing out of the deal, and the Strait of Hormuz remaining closed.

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*Please note that these trade ideas form part of a larger weekly plan and the value of financial products can increase as well as decrease over time, depending on the value of the underlying securities and market conditions. The risk of loss arising from trading in Contracts for Difference can be substantial. You should carefully consider whether such investments are suitable for you in the light of your circumstances and financial resources.