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. Yesterday’s market was an uncertain one as talks between the U.S. and Iran continue, resulting in mixed and unclear signals. This has resulted in a very low volume of trade throughout the day, and the overnights seem to have followed suit. We expect today to be another wait-and-see day, with oil and food retailers as the main winners. For the time being, we recommend keeping an eye out for the Consumer Price Inflation report tomorrow morning at 10:00, as well as the annual Retail Sales figure at 13:00.
S&P 500 Index
Yesterday, the market continued to trade close to all-time highs, but the rate of growth has seemingly slowed to a crawl, making it quite risky and unpredictable. As a result, it might be a good idea to look into hedging options until tomorrow (Wednesday, 22nd of April), when the current ceasefire is scheduled to end. We would also like to once again remind you of the upcoming Tesla (TSLA), ServiceNow (NOW), and Boeing (BA) earnings, also scheduled for tomorrow.
Software
The software sector saw a minor rise yesterday, which we believe will continue, as the bottom was reached at around $74,5 on the 10th of April. We speculate that the $88 mark on the iShares Expanded Tech-Software Sector ETF (IGV) is the number to look out for, as once it’s reached, we could see further growth from the ETF. We have also listed a few software stocks to keep an eye on, below.
ServiceNow
ServiceNow (NOW) will have earnings tomorrow, as mentioned previously.
Adobe (ADBE)
Adobe (ADBE) had a weak day yesterday, but announced a partnership with Nvidia (NVDA), OpenAI and others, which makes it worth keeping an eye on.
BlackBerry (BB)
Blackberry (BB) had a strong day yesterday and reached a 52-week high. We’re keeping an eye on it, as it might see a short squeeze in the near future.
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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.
