Even after crude oil's three dollar plus decline today, it and other energy related commodities remain in short-term overbought territory. The chart below is published each morning as part of our Daily Morning Lineup, and it shows the current levels of major currencies, fixed income, and commodities versus their typical trading ranges. For each asset we show the current level (circle) as well as the change over the last week (tail). When the circle is in the white area, it is considered neutral, while readings in the pink and red areas indicate overbought levels. Conversely, readings in the green areas indicate oversold levels.
As previously mentioned, energy related commodities are all still in overbought territory even after today's declines. The dollar is in neutral territory versus the Euro and Yen. In the major metals, gold and silver are both in neutral territory, while copper is oversold. Finally, US Treasuries remain weak as both the 2-year and 10-year notes are in oversold territory.
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