~TRANSCRIPT~
Good afternoon, traders. It’s Chris Chavez with Blue Line Futures and it’s your daily midday market minute. We’re seeing stocks slowly grind higher here today ahead of some key Treasury auctions 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 would love for you to follow us. We would love for you to help us build our following. So we’re not going to see a lot of economic data here this week. We will get some Michigan data towards the end of the week. But really the big story with this week is we’re seeing a lot of Treasury issuance, Treasury auctions.
We’re going to get an auction for the three year notes tomorrow, about 48 billion or so, 40 billion, ten year notes on Wednesday, 30 year bonds are going to be about 24 billion, 30 year bonds on Thursday. So, again, depending on how these auctions play out, can really influence, you know, treasury prices, yields and the landscape as a whole.
I mean, as we’ve seen yields kind of come in a little bit here as of late, if we start to see a little bit more weaker demand, you know, investors aren’t really getting properly compensated for the real yields that we’re seeing here in this environment. You know, and we see some weak demand. We could see yields spike a little bit higher, putting some pressure on risk assets potentially.
And, you know, kind of starting to see the bond market maybe reprice in a little bit more restrictive, you know, financial conditions. We do also have a lot of Fed members speaking here this week. Chair Fed Chair Powell is going to be speaking on Wednesday. So, you know, depending on what the Fed says this week, what members say, committee members say this week could definitely influence markets.
We’ve seen a nice rally since Fed Chair Powell delivered the interest rate decision and spoke in the press conference as well. Maybe they try to walk that back a little bit as the markets have gotten pretty excited here as of late. So definitely going to be something to pay attention to. Again, Michigan data on Friday as well. And looking at some of these key levels, it’s going to be important to to note that we are still in earnings season, too.
So there is a lot that can definitely change, you know, sentiment a little bit depending on what we see, you know, with with yields and whatnot. But the S&P major four star resistance is going to remain that psychological 4400 level, specifically 4401 and three quarters two 4404 break could close above there looks really nice on a on a chart.
So you’re going to want to see that for more conviction Nasdaq three star resistance is going to be 15 to or two to 15 to 41 looking at crude oil were positive here today, which, you know, gold was also positive, especially seeing the dollar come down. You know, yields are a bit higher, but crude’s catching a nice bid.
Three star resistance for crude is going to be 83, 37 to 83, 60 gold. It’s going to be that major psychological level of 2000. Really going to want to keep an eye on that. We can get above their 2009 to 2012 major four star resistance. 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.
~END TRANSCRIPT~