The 10 year and 30 year yields hit a new 52 week high. Housing data is mixed, while crude and gold are catching a bid.
Good afternoon, traders. It’s Chris Chavez with Blue line futures and it’s your daily midday market minute. The ten year and the 30 year yields are hitting new 52 week highs here today, which is putting pressure on stock indices. 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.
You can subscribe that way. We’d love for you to follow us. We’d love for you to help us build our following. You have a ten year, the 30 year yields hitting new 52 week highs here today. You know, bond market is again doing a lot of the Fed’s job for them here. We did get some data today. Building permits, housing starts a little bit of a mixed bag.
Building permits for the month of September came in slightly above expectations, 1.47 million versus 1.4 or five expected. But housing starts came in under expectations for the month of September, 1.35 million versus 1.38 expected. Looking at some of these outside markets, crude oil, there was a larger than expected draw in crude inventories. So crude seeing a nice bid here, catching a nice bid here today in positive territory.
Looking forward today, we have the 20 year bond auction. So still a lot that can change, you know, this this yield intraday session, you know, depending on how this 20 year bond auction unfolds, We have Fed members speaking, we have the Beige Book. We also have earnings after the bell Tesla, Netflix will be reporting. So despite all of this happening, you know, there’s a lot of data, a little bit of a mixed bag looking at some of this housing data.
There’s still an 87 and a half percent chance of a pause looking at the CME Fed watch tool for the month of November, looking at some of these key technical levels, S&P three star resistance is going to be 44, one in three quarters, two 4403 and a quarter. NASDAQ three star resistance is going to be 15 309 to 15 336 Crude oil.
Three star resistance is going to be 87, 44 to 87, 79. And looking at gold, we’re seeing a real nice move here in gold today despite yields pushing higher, really the opposite of the narrative that we’ve seen as of late. Got some really encouraging data out of China. Industrial production numbers, unemployment rate and GDP all came in better than expectations.
Seeing a nice move in the metals here and major four star resistance a level you’re going to want to keep an eye on for gold 1967 and a 10th to 1976 and 6/10. Reach out to our trade desk. If you have any questions we’re here for you. Remember, futures trading involves substantial risk of loss and is not suitable for all investors.