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 we see a continuation of yesterday’s mostly green market, with oil dropping by another 3%, while platinum and palladium maintain their momentum and rise by another 1%. We also see a stronger U.S. market going into the day, while the South African and Asian markets are mostly quiet. As a result, we expect today to be a quiet, headline-driven day.

S&P 500 Index

Since yesterday, we’ve seen announcements that some stock markets have been able to return to pre-war levels. The S&P 500 and the American market in general seem to be in the same category. This upward trend seems to be gaining momentum, supported by news of further talks between the U.S. and Iran in the coming days. As a result, we don’t expect shorts to be a viable play for the time being, though that may change, as the two week ceasefire nears its end. We expect today to be a wait-and-see market, and recommend keeping an eye on the news as events develop.

Software

The software sector started yesterday with very large gains, but remained just above where it began, as most of it was lost by the end. We recommend a wait-and-see approach as the market’s direction is unclear today. It’s worth noting that individual stocks in the sector traded very well. We see Microsoft (MSFT) as a favourite in that regard, with Oracle (ORCL) as a runner-up. While ServiceNow (NOW) had a disappointing day, we intend to keep an eye on it, as the company will have its earnings all on Wednesday next week, April 22nd, and their earnings may not be a reflection of their stock value.

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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.