Overnight Moves

Today, we looked at 13 charts; below are only some of them, but first, let’s have a look at the overnight moves. Overnight was relatively flat and quiet, with the Rand losing some of its strength, and commodities have taken a slight knock. The big news in the headlines is still currently oil and the situation in the Middle East, specifically regarding the Strait of Hormuz, which has seen some merchant shipping attacked.

S&P 500 Index

We did not see much movement yesterday, and today will probably also be driven by headlines. Without any good news, we can probably expect a continuation to the downside. Resistance remains at 6,850, and if we keep moving down, then our level of 6,630 will come into play. The next level would be 6,580, but that is still quite a bit away, so let’s see if we can get any news that might change momentum.

Light Crude Oil

Oil was once again one of the most watched markets, and given recent events and headlines we saw yesterday, it has once again been driven to the upside by about 9.7%. This morning, we opened relatively flat, and we might see some continuation, but at the time of writing, we are seeing a little movement to the downside. Keep an eye out for any catalysts as the situation in the Middle East is still developing. Approximately 20% of the world’s total traded oil passes through the Strait of Hormuz daily, making it the world’s most critical energy choke point. If things stand as is, we will see further pressure placed on equities and inflation. Levels for the day are $120 and $100 to the upside, with $90 and $84 to the downside.

Impala Platinum (IMP)

Impala had earnings last week on Thursday, and has been holding the R260 level quite well. We believe that this stock has some nice potential to climb, and if it manages to break R280, we will see further growth. We should also consider the local market, as when our market moves down, then so does this stock. Yesterday, we saw clear buying interest that managed to push the stock to the upside by about 1%.

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