ADP Nonfarm comes in under expectations, and treasuries retreat off of their highs. Stocks see a relief rally and crude oil slides.
Good afternoon traders. It’s Chris Chavis with blue line futures and it’s your daily midday market minute. Stocks are catching a bit here today. We’re seeing a nice relief rally. Treasury yields are coming off of their highs. But before we get to it, if you’re watching this video like it, subscribe if you’re on our website. There’s also a link to direct you to YouTube and you can subscribe that way.
We love free to follow us. We love free to help us build our following. Yes, we got ADP nonfarm numbers this morning came in under expectations, 89,000 versus 153,000 expected. S&P global services also came in under expectations 50 50.1 versus 50.2. Expected ism non-manufacturing came in right at expectations. But because you’re kind of seeing some weakness in the other two data points, that’s kind of why you’re seeing Treasury yields come off their highs today.
It’s providing some relief to markets. Crude oil’s really getting beaten down today as well. So, you know, major three star resistance looking at the Nasdaq and we’re actually trading around this level right now so we can get above here. You know, you’re going to want to keep an eye on the next level, but first level is going to be 14, 847 to 14, 864.
We get above their we close above their next level is going to be that big whole number, round number 15,000. And really it’s a 25 point range. So, you know, 15,000 of 15,025 or so, that’s going to be key moving forward. S&P three star resistance going to be 4301 to 4306. Now, again, we’re seeing a lot of weakness here today looking at crude oil.
The sell off is starting to pick up as well. So major support is going to be 84, 89 to 8502, despite seeing this decrease in inventories. That’s going to be a real key level moving forward. SILVER We’re seeing weakness here today again as well. Major four Star support’s going to be 2050. So we kind of bounced off of 2085 this morning.
We continue to see selling pressure. 2050 is going to be that next big hole number to keep an eye on moving forward. If you have any questions, reach out to our trade desk. We’re here for you. Remember, futures trading involves substantial risk of loss and is not suitable for all investors.