Stocks are off of the lows and trying to make intraday highs despite a hot CPI report. Crude inventories come in higher than expectations, and crude is off of its intraday high.
We’re seeing a pop here in stock indices. Despite a hotter than expected CPI report. 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’d love for you to follow us. We’d love for you to help us build our following. So despite a hotter than expected inflation report CPI, we are seeing stock indices trade higher. Initially we saw a kneejerk reaction. You know, we got the numbers and, you know, stocks sold off. We’re off the lows. Nasdaq is making new highs. S&P is trying to make new highs on the day.
So really, when you look at this number, we got an increase of 3.7% year over year versus 3.6 expected month over month, 4/10 of a percent versus 3/10 expected. So still seeing pretty persistent inflation here. Treasury yields are moving higher despite all of that. Stock indices are moving higher. Maybe the market has kind of discounted the fact that they were expecting to see energy prices, which is one of the largest contributors inside of the CPI basket other than shelter.
Maybe that’s one reason why we’re seeing this pop here today. Also heading into, you know, year end. Maybe we’re just expecting to see a stronger consumer. And, you know, corporate earnings should also benefit from that as well. So it’s definitely a different environment. Looking at jobless claims, we also saw a better than expected jobless claims number, 209,000 versus 210,000 expected.
Now, looking at some of these outside markets, crude oil, we’ve got crude inventory today, way above expectations, 10 million barrels versus really 4/10 expected. So 460,000 barrels were expected. That’s really what sending crude oil lower here today. Initially, we were positive and now we’ve, you know, entered negative territory. Now, looking at some of these support and resistance levels for all of these macro markets, Nasdaq four star resistance as we’re seeing this rally here today, off of the lows, is going to be 15 62725673.
That’s a major level. If we really get above there. Again, we’re just in the bulls driver’s seat. S&P three star resistance is going to be 43, 44, 39 and three quarters two 4447. Now, looking at crude oil as we’re seeing this bearish move here today off of the highs, three star support is going to be 80 to 79 to 80 to 98.
And gold not as significant of a support level, but still a level you want to watch to star level is going to be 1975 and 1/10 to 1975 and 3/10. So that’s that little support pocket there for gold as gold is coming off of its highs here today. Now, if you have any questions, reach out to our trade desk.
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