At-a-Glance
Today’s Top Highlights
The equity indices continue to see back and forth price action within their range. The S&P and Nasdaq traded lower today, but only seeing marginal losses as both markets saw a recovery from lower levels throughout the day. On the other hand, the Russell was able to trade marginally higher, seeing stronger support off of the 200-day moving average than the other indices have this week. Looking at the moves today, the 200-day moving average on a daily chart is now acting as a congestion point for the S&P and Nasdaq and will need to see conviction out above this level for a chance to swing back higher.
The precious metals saw similar price action today with Gold trading slightly lower while Silver traded slightly higher. As mentioned yesterday, the relative strength in Gold is near a 3 year low point going back to 2023, and traded down to its 200-day moving average before rallying back up. A lot of the fundamental drivers of the market this week are tied directly to talks regarding the conflict in the Middle East, and seeing large swings in these markets can be expected based on either escalations or de-escalations.
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