At-a-Glance
Today’s Top Highlights
Some of the selling pressure seen over the last few days has continued today as the equities and metals continued to selloff. For the equities, a good portion of the selling is coming from declines in major tech names, and we are seeing this ahead of a key earnings report from Nvidia coming out tomorrow after the close. The Russell led the selling today as it traded lower by over 1%, and these indices are looking for a landing zone after achieving all time high prices last week. The precious metals are seeing similar price action today as Gold continues to go lower after recently testing its 50-day moving average and Silver just traded below its 50-day moving average on a daily chart.
One market not mentioned recently has been the 10yr, which has been shooting higher over the last few weeks as bonds have traded lower. This market is now trading at its highest level since January of this year and is now trading in “overbought” territory looking at the relative strength from a daily chart. The Dollar has also been moving slightly higher over the last few days adding fuel to some of the moves seen this week. Tomorrow, we will see teh Fed minutes and Nvidia earnings, and then wrap the week with some more economic data as many of these macro markets are trading near critical levels.
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