Risk assets are in positive territory to kick off today’s trade. Treasury yields are higher, and markets await the 30yr Bond auction at 12 CST.
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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 trying to maintain positive territory ahead of the 30 year bond auction 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. So we have the 30 year bond auction here today at 12 Central Standard Time. Fed Chair Powell is going to be speaking at 1 p.m.. So definitely something to keep an eye on there. Could definitely impact the yields, right? Depending on what demand we see for that 30 year auction.
It’s going to influence risk assets as a whole. And we’re looking at risk assets here today despite yields in positive territory, we’re seeing selling really all along the Treasury curve here today. Despite that, you know, we’re seeing risk assets in positive territory as of the time of making this video. Nasdaq, S&P are just in positive territory. Gold, silver and crude are also in positive territory.
So we did see some risks in the Middle East start to kind of brought in a little bit in the overnight, got some headlines about some, you know, continued bombings and other things like that, which could definitely be a little bit more of a war premium or war inflation, trade kind of taking place again, looking at crude oil, the metals as well.
So going to be something to definitely still pay attention to. Next week, we’re going to get CPI and PPI inflation data, retail sales data. We’re going to get housing data, industrial production. So that’s going to be a big data driven week next week. We still haven’t got a lot of data this week other than jobless claims this morning, which did come in slightly above estimates, 215,000 were the estimates.
We got a print of 217. So we’re going to want to just keep an eye on, you know, interest rates, yields some of these risks that may start to elevate here in the Middle East. And what Fed Chair Powell says later today in the three year bond auction, looking to see me, Fed watch talk nine and a half percent probability of a hike in December.
So again, you’re still seeing markets reflect a continued pause heading into the end of the year. Now, when we look at the S&P, we’re really right on the cusp of a major four star resistance, up 40 4a1 and three quarters to 44 oh for a break in close above there, it looks really nice for more momentum and more strength.
Looking at the Nasdaq, we would want to see a break of 15 for 52 to 15 for 68. Again, a break in close above. There is definitely going to be really strong moving forward. Gold. We’re starting to see a little bit of a relief rally here today. Well, we’re going to want to see is a break in close above 1975 and a half to 1978 and 2/10.
Looking at crude oil, also catching a bid here today. We’re going to want to maintain and hold support, major support of 75, 33 to 75, 58. If you have any questions, reach out to our trade desk. We’re here for you.
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