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Good afternoon, traders. It’s Chris Chavez with the Blue Line Futures and it’s your daily midday market minute. Stocks are in positive territory here today to kick off the month of November. 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 would love for you to follow us. We would love for you to help us build our following to kick off the month of November. Stocks are in positive territory. We got the Treasury Reef funding announcement here this morning, which came in lower than expectations. So it’s really providing some relief on the longer end of the Treasury curve.
Yields are off of their highs and we’re seeing a nice rally in the bond market. It’s adding some relief again to stock indices, too. Stocks are in positive territory before the Fed’s interest rate decision today. We also had a lot of economic data this morning from ADP jolts ism. PMI got a little bit of a mixed bag looking at ICM and PMI numbers, but ADP came in under expectations, which was a positive for the markets and yields, but jolts were a little bit strong.
So again, kind of a mixed bag when looking at some of this data here today. But we have the Fed’s interest rate decision today. So far, stocks are in positive territory, but we’ll see what Fed Chair Powell says the guidance that he gives here moving forward and how that’s going to affect interest rate expectations moving forward. Now, looking at some of these major resistance levels, first, we want to acknowledge that November is seasonally one of the best months of the year.
So seasonality is definitely coming into factor when looking at this rally that we’re seeing today, too. And it’s possible that a seasonal trade is coming into fruition too. So you’re going to want to keep an eye on that. You know, you couple that with maybe a more dovish Powell really think that this could be a great month here for for the Nasdaq, for the S&P as well.
Now, some of the key technical levels to keep an eye on looking at the S&P major three star resistance is going to be 40 to 48 and a half to 42, 53 and a quarter. We could break in close above there. You could probably see a little bit more upside momentum. Nasdaq for star resistance is going to be 14 586 to 14, 648.
And crude oil, we’re seeing a nice, you know, bid here today. Crude’s catching a nice bid, 83, 37 to 83. 65 is going to be a major three star resistance as well. Gold’s kind of failing to break out here. It’s really showing a little bit of weakness in that major four star overhead resistance level is going to remain 29 to 2012.
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