Blowout non farm payroll sparks a selloff, but downtick in wage growth sending us to new highs.
Good afternoon, traders. This is Ryan Gorman with Blue line Futures and it’s your daily midday market minute blowout non-farm payroll number. We had that initial knee jerk reaction lower for these stocks metals, but we had some other data coming out that are sending these markets to new highs. 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 to subscribe there. We’d love for you to follow us and we’d love for you to help us build our following. Now back to the market action. Like I mentioned. Non-farm payroll blew out expectations and we saw that initial knee jerk reaction lower for S&P, NASDAQ and the metals.
But then we saw average hourly earnings have a little bit of a downtick there. Unemployment had an uptick, and that average hourly earnings is going to be the story here that held that market and is driving us higher. Big resistance points, 4317 of 43, 24 and the S&P blowing out above their NASDAQ 15 zero two 7 to 15 060 is going to be a big level that we are chewing right through right now.
Bulls are going to want to see some conviction out above that level to make this next leg higher. That’s what we’re going to be watching into the rest of the day, into the close. Looking at crude oil, crude oil had some additional selling pressure here. We talked about this before. Some things that we’re working in Q3, not working too much to start off Q4.
We’re seeing a lot of liquidation for crude oil. It’s down significantly. We had talked in the past about how crude never really inched out above that 95, 96 level and there was strong resistance there. So we’re still out in bullish territory. Little bit of positive momentum here today. So looking at that market to hold out above some key support as we finish out the week and then looking at the metals, similar story to what we’re seeing in the stocks.
You know, we had rates initially skyrocket higher looking at yields and they’re coming off their highs a little bit. And gold and silver had that knee jerk lower but are driving higher, pushing through some key resistance points. Now gold looking at around 1850 silver in the mid 20 ones here really fighting so good to see for the bulls looking at these metals moving higher to finish out the week.
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