US stocks continuing to sell off today along with the metals after a strong JOLTS number, and Crude getting a nice bounce-off support.
Good afternoon, traders. This is Ryan Gorman with Blue Line Futures and it’s your daily midday market minute. A lot of good action we’re seeing in the markets today. Strong selling pressure off resistance for these U.S. stocks. Gold and silver shopping around in negative territory today. Before we get to all of that. If you’re watching this on or 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 from there. We’d love for you to follow us and we’d love for you to help us build our following.
Now taking a look at the markets. As I mentioned in the early morning trade, S&P and NASDAQ ran up to some strong resistance points. Looking at that, S&P 4337, NASDAQ 15 zero 27, and that’s a result. Strong selling pressure come in. Markets are continuing to sell off into the European close and it looks like they’re trying to firm up a little bit. And, you know, as we’re looking out the rest of the day, there are some strong support pockets that we’re looking for that bulls will need to achieve. Check out the Morning Express for some of those updated levels there.
Crude oil having a nice day to day, up around a buck on the session, really testing that $90 level. You know, we were trading, you know, 89, 50 right around there, 89, 58 to 89, 77. Is that strong resistance pocket that we chewed through? So that’s going to be a great spot for bulls to want to get out above. And then they’re going to look to achieve that 90, 80 level is going to be a big pocket they’re going to need to get out above to really continue this thing back up into the mid-nineties.
Taking a look at gold Silver JOLTS data came out this morning. You know, we’re seeing gold silver down on the day with that hotter than expected JOLTS number but you know still teetering if you’re looking at gold majors support down at 1830. We are still holding out above there. And if you’re looking at silver. Same idea. 2070 is a major, major support pocket. So seeing the markets hold even with this really strong selling pressure and the strong headwinds looking at Treasury yields and the dollar does show some construction. So we’ll see where we can get these metals to close on the day.
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