At-a-Glance
Today’s Top Highlights
The equity markets continued their pattern from last week today seeing selling pressure from the S&P, Nasdaq and Russell. The Russell led the downside pressure today dropping by about 1.5% while the S&P and Nasdaq fell by less than 1% each. Since the S&P and Nasdaq broke below their own 200-day moving averages on a daily chart, the selling pressure has not led up and prices have remained lower without much upside momentum. Looking at the Russell today, the market has now broken below its 200-day moving average and continued lower through that point, and now will act as a key level for the market for this week.
Outside of the equities, other asset classes saw a strong mix in price action between the metals, energy and crypto futures. The Gold and Silver market both traded lower on the day, but relative to the last few weeks it was a slow move lower with both being down less than 1%. Crude Oil was able to shoot higher today starting the week trading up over 4% on the day, and prices now are firmly out above the psychological level of $100/barrel. Also, looking at FedWatch, the probabilities for a rate hike in October went from a 23% chance down to a 6% chance, and swings like this can be expected with new data being released regarding jobs and inflation
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