At-a-Glance
Today’s Top Highlights
The big story that came from yesterday’s session after the close was the earnings reports from Alphabet and Tesla, and Tesla saw a big miss from EPS while revenue was better than expected. Today, Tesla traded down about 14% and that was part of the reason the equity markets saw a decline today. The Nasdaq led the way lower trading down about 2% while the S&P and Russell also saw losses on the day. The Nasdaq has been trading right near its 50-day exponential moving average for a few days not, and that level is still acting as the near term “ceiling” that the market has not been able to move above with any conviction, and is the next level the market would need to trade above to see price momentum sing higher.
Looking at the Crude Oil market, there continues to be heightened tensions in the Middle East, and prices shot up over 6% on the day today. This move higher has happened very quickly, and now the market has entered “overbought” territory on a daily chart looking at the relative strength. The last time this market was elevated like this in terms of relative strength, the price closed near $112/barrel, showing there is still a lot of room to trade higher toward the recent all time high price.
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