Overnight Moves

Today, we looked at 15 charts; below are only some of them, but first, let’s have a look at the overnight moves. Yesterday was relatively quiet. Oil is our top performer, followed by iron ore and then platinum. Tencent has given up some of the gains it had ahead of earnings, and this will affect Naspers and Prosus. Bitcoin has gained yet again and passed the $74,000 level, and now let’s see if it can hold.

S&P 500 Index

Yesterday, we saw a relief move to the upside, but were unable to break the previous highs of 6,740. However, we are still above our main level for the week, which is 6,600. Our level for today is 6,650, which we are still above at the time of writing. The move to the upside broke the near-week-long trend we had of downward movement, and we are once again seemingly going sideways. Resistance can be found at 6,700 and the closest level we need to see if we can break past is 6,684.

Oil

Yesterday, we had a bit of a move down in the oil price by 5.28%, but this morning we already seem to be on track to recover those losses. Given the extremely volatile nature of the geopolitical stage currently, we obviously recommend playing it safe and only taking opportunities you are confident in, as if you have any expectations, you might wake up unpleasantly surprised the next morning. The war in the Middle East continues with the American president taking a hard-line stance regarding negotiations with Iran. We recommend watching Sasol (SOL) today as we are seeing movement around the R200 level.

Old Mutual (OMU)

Old Mutual had earnings already this morning, and the dividends were below consensus. We should also point out that Old Mutual is dual listed in Johannesburg and London, with the JSE being the primary listing, Yesterday we saw OMU close up on the LSE, and that should translate to the JSE listing being gaining about 6% today, but we will have to wait for the open.

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