The Nasdaq has its best week in two years, adding more strength to a seasonal rally. Markets are awaiting the treasury auction today, and crude breaks below $80.
Good afternoon, traders. It’s Chris Chavez with the Blue Line Futures and it’s your daily midday market minute. The Nasdaq is leading stock indices higher here today. But before we get to it, if you’re watching this video like it subscribe. If you’re on our website, there is 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. Yeah. So the Nasdaq is seeing the longest winning streak in about two years. So we’re continuing to see this seasonal rally play out here in the month of November. Leading stock indices higher here today. So the S&P, the Russell, are kind of lagging behind this tech rally.
And again, we have some headwinds. We have a three year note auction here today at 12 Central Standard Time, a ten year auction tomorrow, Wednesday. And we also have a 30 year bond auction on Thursday. So looking at the Treasury curve here today, we’re seeing some strength in the longer end of the curve. You know, bonds are up, yields are off of their highs, not as much. So you’re kind of seeing this flattening trade take place. Let’s see what happens with these bond auctions. Maybe we see a little bit of a steepening trade. You know, things maybe look a little bit better, could see a little bit of risk off, you know, looking at equity indices, we’re also going to get, you know, Fed Chair Powell speaking on Thursday.
Other FOMC committee members, you know, are going to speaking throughout the week. So definitely can hear something, you know, from from any of these committee members that maybe walks back a little bit of this rally that we’ve seen as of late. It’s going to be an important headwind. We don’t have a lot of economic data this week. Other than Michigan data at the end of the week and jobless claims on Thursday.
So looking at some of these outside markets, you know, even crude oil today in sharply negative territory, kind of selling off below some key support, really going to want to pay attention to 77, 70 for a break and closed below there, which as of the time of me making this video, we are just below there. So we’re going to want to see if we can actually hold above that level going into the close here today.
If not, we could see a little bit more selling pressure, looking at the S&P major, four star resistance is going to be 4401 in three quarters two 4404 again, that psychologically significant 4400 level. And looking at the Nasdaq, we’re going to want to pay attention to another major four star resistance level. We’re a little bit ways away from there.
But again, if we see continued strength, maybe some strength, you know, in these Treasury auctions as well, we could, you know, test this level that’s 15 for 52 to 15 for 68. Gold is still showing a lot of weakness here. Really, really wish it wasn’t so especially with, you know, yields on the longer end of the curve, you know, off of their highs, you know, seeing that strength in the bond market, you would think to see gold in positive territory but were not so major resistance.
f we do get a little bit of a bounce here, 1986 and 3/10 to 1988 and 6/10, if you have any questions, reach out to our trade desk. We’re here for you.
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