Stocks are trading higher in anticipation of upcoming economic data releases and interest rate decisions. The Bank of Japan (BOJ) is scheduled to announce their interest rate decision tonight, while the Treasury is set to announce its refunding decision alongside the Federal Reserve’s interest rate decision.
Good afternoon, traders. It’s Chris Chavez with Blue line Futures and it’s your daily midday market minute. Stocks are pushing higher ahead of key economic data and interest rate decisions this week. 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. Yes. Looking at stock indices here today, we’re pushing higher ahead of some really key interest rate decisions here this week and a lot of economic data. Tonight, we’re going to get Chinese manufacturing data, PMI. We’re also going to get the BOJ interest rate decision.
And after the bell, we’re going to get McDonald’s earnings later this week. We have Apple’s earnings tomorrow. We have Case-Shiller, S&P index data, consumer confidence, Chicago PMI. And later this week we’re going to get Jerome Powell, the interest rate decision, Treasury’s refund, the quarterly decision there. And we’re also going to get a lot of jobs. Data from JOLTS.
Average hourly earnings, non-farm payrolls this week is filled with economic data and interest rate decisions. A lot that’s going to impact yields. The bond market, which will in turn affect risk assets, stock indices, precious metals and crude oil as well. So we’re going to want to stay really nimble as this data is coming out. You know, definitely going to be important to gauge reaction and sentiment from that.
And from there, we can begin to look at technicals a little bit more in depth. And looking at the S&P major three star resistance is going to be 4200 to 4205. That’s been really significant here as of late, really just failing to see the S&P get above that 4240 to a five level NASDAQ four star resistance is going to be 14 for 44 to 14 for 78.
Again, a major level that we’re going to have to pay attention to gold for star resistance. We’ve seen tremendous strength in gold despite rising yields, despite these elevated yields, 2009 and 2/10 to 2012 and 7/10 is going to remain a major four star resistance level. We can really break in close above there. We could see a lot more upward momentum in precious metals specific li the gold market crude oil for star support.
We do look like we’re building out a little bit of trendline support going back to the August 24th lows, looking at the December contract. So definitely going to want to pay attention to that level if we kind of start to break and pivot a little bit lower. Major four star support level is going to be 81, 82, 8208.
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