Market Charts – February 24/22

The market was initially spooked by Moscow’s invasion against neighboring Ukraine early Thursday morning local time, using land, air and naval forces. The S&P 500 was down as much as 2.6% during the session but closed up 1.5% higher despite the outbreak of violence.

As we had been highlighting, if the S&P 500 tests the 4200 level we should see a short-term bounce. It breached that level intra-day but closed at 4288.

Oil prices settled well off their highs alongside the recovery in equities. The US oil benchmark, WTI, settled the day 71 cents, or 0.77%, higher at 92.81 per barrel after hitting a high of 100.54 during the day.

Gold also had a wild day, with a high of 1976, then down to 1911 before closing at 1926. Note at bottom of chart, gold is now technically overbought

Stay tuned!