The E-mini S&P and E-mini NQ are ripping off rare major four-star support. Bonds are rallying and bringing a tailwind to stocks, but Gold and Silver are yet to respond. We look ahead to earnings and flash PMIs.
Good afternoon, traders. It’s Bill Baruch with Blue Line Futures in your daily midday market minute. We got a rib back in stocks. But before we get to through, watch this on YouTube. Please click the link below and subscribe like and subscribe. And if you watch them a website, there’s also a link below to directed you to subscribe that way.
We love you to follow us. We’d love you to help us build our following. Let’s get to it. It has been a while since I’ve been back here with you on this midday market minute. And what a day to come back here. A lot of selling Friday, a bludgeoning into Friday, a little risk off, if you will. And we hit right into rare major four star support in the S&P here overnight.
4213 was a low. We’re now back in positive territory. Really the gap that was created as well as a lot of volume that traded from previous low as well, 40 to 55 to 40 to 48 that area. Now we’ve cleared that. We’re above 40 to 60. This is really, really solid to see. And honestly, I do think if we’re able to stay in positive territory, it should lead to about 4200 area or sorry, 4300 area in the market.
We have a lot of earnings this week to work through Apple, which doesn’t report. I’m watching that pretty closely to you have an inverse head and shoulders potentially building their to next as the largest waiting stock and and the S&P Nasdaq I mean it could really be a tailwind if that starts to bogey. So watch this as as the week unfolds.
Again, the earnings, you also flash PMIs tomorrow, but a big tailwind today is coming from bonds. Bonds are rallying. You get the 30 year bond up over a point and for the Blue Creek CTA that I am looking at and have been been buying some call spreads we’ll guess at different structures to add to that if you like the same at some ideas here in the bonds, contact our trade desk.
We’d love to talk to you about some of the ideas we can put on the bonds managed define and risk call spreads, some things there, so some to think about. But Bill Ackman who is notoriously short the bonds from August did say this morning he got out and that has been encouraging for the bond market as well as you’re seeing crude down a bit too and that that should help deflate yields, if you will.
So we’re seeing a really a risk on environment right now. It’s very supportive. Crude oil down about a buck, almost two bucks here. 85 and a half is going to be a big battleground. See if it can respond to that. And the overall nice consolidation after a big run, it makes sense. We didn’t see any any escalation, although the the Middle East situation is not improving.
We haven’t seen an escalation. So some premium risk premium has come out there as well as the metal is encouraging a bit of a consolidation. Gold ran up to 2009 2012 on Friday. That is rare major for star resistance and open lower last night, 1971 gives you a line in the sand. You don’t want to see gold get blown 1971.
But gold and silver consolidating really well here. They can hold here. I think they could build for another move back above 2000 again. Flash PMI is tomorrow, but the gold and silver are not following the bond move dollar lower, but I think it will if we continue to see this move in through tomorrow. Give us a call though, our traders because here are 3122780500.