At-a-Glance
Today’s Top Highlights
*This report was written before the close due to travel schedules*
Many markets are seeing selling pressure headed into the weekend with the equities, precious metals, and crypto futures all trading lower broadly today. Today is a quadruple witching event, meaning there are many contact expirations happening today which historically has added volatility to markets as this happens 4 times a year, and today the event will see $4.7 trillion in expirations. Looking at the equities, the S&P and Nasdaq are trading lower by over 1% on the day after breaking below their own 200-day moving average and the Russell led the selling trading down near 1.8% on the day.
The selling seen in the precious metals this week continued today with Gold trading lower by about 1% while Silver was down over 2% today. Both of these markets are in a similar situation as the equities were in the last few weeks where prices are falling but remain between the 50-day and the 200-day moving average, and there is still room to the downside before the 200-day average would be tested. There is still significant uncertainty in the markets as the tensions in the Middle East have escalated during the last few weekends which could lead to more volatility on the Sunday night open.
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