Retail sales numbers come in higher than forecasted, which is putting pressure on the bond market. Initially stocks sold off, but reversed to find positive territory.
Good afternoon traders. It’s Chris Chavez with blue line futures and it’s your daily midday market minute. We got better than expected economic data retail sales surprise to the upside which is putting pressure on bonds and sending yields higher. 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.
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Month over month expectations were at 1/10 of a percent increase month over month and we got a 3/10 increase. So really just seeing a lot of strong economic data here this morning. Consumers are still resilient, still spending. You know, initially that was putting pressure on stock indices, but we did climb our way back in in positive territory looking at the S&P.
NASDAQ is just about unchanged here, keeping an eye on some of these levels. You know, support and resistance is going to be really important to gauge momentum here moving forward. So looking at the S&P three star resistance is going to be 44, 39 and three quarters to 4447. Looking at the Nasdaq, three star resistance is going to remain that 15 366 to 15, 392.
Crude oil, we’re seeing a little bit of relief here off of these high, some slight selling pressure here today. Three star support’s going to be 83, 75 to 80 for 20. And looking at gold, we are seeing, you know, the metals in positive territory here as well today, which is encouraging despite these rising yields. So three star resistance is going to be 1940 and a half to 1945 and 6/10.
Looking at the CME Fed watch tool, bond market is still pricing in a 90% chance of a pause. It’s pretty likely at this point that, you know, the markets have priced in that the Fed is done raising interest rates for this year. I think the bond market has done a lot of that work for them, especially when we see the move in yields today and how high were trading.
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