Stocks and metals showing weakness to start the new month and quarter, now we are looking for a bottom.
Good afternoon, traders. This is Ryan Gorman with Blue line futures, and it’s your daily midday market minute. We’re seeing some selling pressure to start off the month and the fourth quarter of this year. Looking at U.S. stocks, crude oil, gold, silver. Before we get to all of that, if you’re watching this on our YouTube, hit that subscribe button down below.
If you’re watching this on our website, there should be a link to direct you to our YouTube page. We’d love for you to follow us and we’d love for you to help us build our following. Now getting into the market action, S&P, NASDAQ seeing some selling pressure. NASDAQ looks like it’s still fighting in positive territory, but coming down, testing towards the lows of the day.
A couple of big levels. Check it out for updated support pockets below where we’re trading now. But that S&P 4337 is going to be a big level. Bulls are going to want to achieve upside on that. And 15 zero 27 haven’t been able to really have any traction for that Nasdaq out above that level. We did inch out there today but sold right back off.
So we’re watching that action. But check out the Morning Express for those updated support pockets. Moving on to crude oil. We talked about this on Friday, seeing some selling pressure at the end of the month in the quarter was no surprise there. The things that were working in Q3, it looks like they were selling into those on the last day of the month.
So seeing some continued selling pressure for crude crudes, trying to find its footing, you know, but still out above, you know, 88 bucks. So, you know, we still have that positive fundamental backdrop for crude. I think we’re just seeing potentially just some long liquidation, some movements out of the market. But, you know, still holding out above some key support and then looking at gold and silver.
I mean, we’re seeing a lot and a lot of selling gold and silver, really breaking down a little bit here. Gold’s going to really want to keep fighting. That 1851 level were trading right around there right now. Silver 2117 to about 2120 is going to be that next support pocket that bulls are going to want to hold. And the story hasn’t changed.
The dollar’s strength and yields are going to be a big headwind for these metals. So going to need to achieve some higher prices to see that next leg build out higher. If you have any questions, give our Trade Desk a call. We’d love to help. And don’t forget, futures trading involves a substantial risk of loss and is not suitable for all investors.