At-a-Glance
Today’s Top Highlights
The theme for price action this week has been “risk on” with the equities moving higher and setting new record high prices, and that theme remained as we wrapped up the week today. The S&P, Nasdaq and Russell all finished higher today led by the Nasdaq trading higher by over 2%, which was helped by the sharp rise in many tech and chip stocks. These markets are showing extreme resilience as the relative strength has remained in overbought territory on a daily basis for the entire week, but buyers have continued to step in and help drive the prices higher. Along with that, there was some strong economic data released today looking at Nonfarm payrolls coming in significantly higher than expected while the unemployment rate came in right in line with the expectation.
Along with the equities, the precious metals also saw more “risk on” action this week with Gold, Silver and Copper seeing strong moves to the upside throughout the week. Copper saw the largest gain on the day trading up near 1.7% and traded to its highest level seen since January of this year. Looking at these markets, Gold has been the laggard as it has still struggled to trade out above its 50-day moving average which has acted as a ceiling for near term prices, and traders will be watching that level as we enter next week.
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