At-a-Glance
Today’s Top Highlights
The equity markets continued the selling pressure today after seeing strong selling on Friday as major tech names are seeing pressure. The markets did have a nice rally into the close but still finished the day slightly lower. The S&P, Nasdaq and Russell had been ona tear to the upside over the last few weeks, and are trading well out above the 50-day moving average, so seeing some down days from record high levels. These markets were also still in “overbought” territory and still remain very close to those levels, so seeing participants exit the market at these elevated levels is not uncommon.
While Gold and Silver also saw significant selling on Friday, the volatility was not there today as both were able to trade slightly higher into the close. Gold has been battling the downtrend and has not been able to see any significant price action out above the 50-day moving average, and Silver is trading back and forth right near that level on a daily chart. This week, there will be some key economic data that could add more volatility to these markets broadly, and potential news out of the Middle East will act as more of headline risk for the week as it has been since the conflict began.
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