At-a-Glance
Today’s Top Highlights
Crude Oil is the standout market today as prices saw a surge up over 5% during the session as more talks are coming out of the Middle East regarding a deal. Crude has been seeing slow declines since the peak on April 7th, and has not been able to get back towards those elevated levels since then. The 50-day moving average was acting as a “floor” in the market, and ever since prices broke below that level we have not seen a close with conviction above that point. This market is very dependent on news regarding the ongoing conflict, so traders are looking to see if a deal is on the table in the next few weeks.
The equity markets are seeing a mix in price action as the S&P and Nasdaq traded to record highs while the Russell saw light declines. Last week brought a heavy slate of economic data, and the market remained in “overbought” territory, where the prices have remained for a good portion of the last 2 months. One market that has been quietly showing strength has been the Copper market, and with the selling in Gold and Silver has been able to remain in an uptrend. Prices saw a boost today of over 2.5% and traders are watching the recent high as the next level to climb through to the upside.
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