At-a-Glance
Today’s Top Highlights
Equity markets are seeing another strong day today with the S&P, Nasdaq, Russell and Dow all trading higher. The Nasdaq is the leader of the day trading higher by about 1.3% and trading out above the 50-day exponential moving average which has been a level of congestion for the last few weeks. Looking at the economic data today, there was a good amount of manufacturing that came in mixed, and Initial Jobless Claims came in worse than expected. These equity markets continue to trade in more of a sideways pattern and have not been able to establish a general direction, but the market is tightening, suggesting prices may see a break either higher or lower in the near future.
The precious metals had a strong trading day as well with Silver leading the charge, trading higher by over 3% on the day. During June and July of this year, Gold and Silver carved out a near term bottom in the market after seeing significant selling after the run to record high prices last year, and now are trying to continue to trade higher. The 50-day moving average worked as a “floor” in the market this week, and Gold will look to take out the highs from last week to see prices move higher. Tomorrow, we will see more employment and inflation data that could be a strong catalyst for these markets headed into next week.
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