There was a brief burst of volatility in the markets following reports of a potential missile threat in the UAE. Initial headlines also indicated that explosions had been heard in Dubai, although authorities later declared the situation safe.
Crude oil prices quickly spiked to a high of $70.57, a level that coincided with the 200-bar moving average on the 4-hour chart (see green line on the chart below), where sellers stepped in. Since then, prices have reversed lower, slipping back below the $70 mark and currently trading near $69.94.
The 100-bar moving average on the same 4-hour chart comes in at $69.88 (blue line on the chart below), putting the price between two key technical levels. Despite the intraday rebound from the lows, crude remains down roughly $2 on the day.
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US stocks took the Nasdaq lower -360 points. The last few days has seen lots of volatility at the open especially in the Nasdaq. S&P is down -35 points. Dow is down -80 points in pre-market.
Micron shares are down over 6% in pre-market trading.
Buckle up.
