Warning: crude oil is approaching oversold territory! | MarketTalk: What’s up today? | Swissquote

Show notes

Portuguese markets were hit yesterday by the resignation of the country’s PM following an investigation into possible crimes of corruption involving lithium and hydrogen projects. The Portuguese PSI 20 fell more than 2.50% on political jitters and uncertainty. But the scandal didn’t resonate much in the rest of the European indices – which were little changed yesterday. The EURUSD slipped below the 1.07 mark, the US dollar extended its gains for a second day but the US yields continued to fall despite cautiously hawkish comments from Fed members.
The S&P500 is above its 50-DMA for the 3rd day and the rate-sensitive Nasdaq 100 broke above its summer down-trending channel top.
The barrel of crude oil fell almost 5% yesterday after the $80pb support gave in to the growing weight of the increasingly aggressive bears. Crude oil is approaching oversold market territory.
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