Stocks are in positive territory as longer duration treasuries rally. Michigan data comes in soft, and precious metals continue to show weakness.
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Good afternoon, traders. It’s Chris Chavez with the Blue Line Futures and it’s your daily midday market minute. We’re seeing a little bit of strength here in the longer end of the Treasury curve today. Yields are coming down. 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 when we’re looking at the 30 year bond auction that we got yesterday, really didn’t see the demand come through. And, you know, we saw yields, you know, push higher. You know, there was a lot of weakness in the bond market, put pressure on risk assets, stocks were in negative territory.
Today. We’re actually seeing some strength in the longer end of the curve. So yields are coming off of their highs. It’s adding a little bit of support here. We are now above major four star resistance. We’re looking at the Nasdaq breaking close. Below our breaking close above there really looks good as far as strength is concerned moving forward.
That’s really what we’re going to want to pay attention to this morning. We did get some Michigan data. So, you know, that’s perhaps one reason why we’re seeing yields, you know, just a little bit lower here today. Some strength in the longer end. Consumer sentiment and expectations came in underestimates. And when you’re looking at the Michigan inflation expectations that did come in at 4.4% versus 4% expected.
So it’s looking like consumers are pricing in that we’re going to see elevated inflation levels. But that we’re going to see weakness in consumers or consumer spending. So definitely, you know, a little bit of a headwind. Again, you know, paying attention to this holiday spending season as far as how consumers are going to spend and how that’s going to impact some of the broader markets here.
We’re looking at some of these markets here today. You know, again, yields are kind of coming off of their highs. We’re seeing that strength, but gold and silver are in negative territory. And this is really just you know, it’s painful to watch really when you’re looking at yields and how they’ve remained a headwind for gold and silver here for some time.
We’re looking at other, you know, outside markets, crude oil that’s in positive territory. We’re looking at the Nasdaq, the S&P, the Russell, all in positive territory. It’s something to keep an eye on, too, is bitcoin has actually been, you outperforming here as of late. Maybe a lot of you know, that money that was going into the precious metals is now starting to pour into bitcoin.
And it’s kind of taking away from some of the juice that was in the metals complex. So something to keep an eye on there moving forward as ap3 star resistance is going to be that major 4401 in three quarters to 4404. We are right on the cusp of that. In today’s trade, a break in close above there would definitely add more strength.
Nasdaq would be 15 for 68. Major for star resistance. We’re above there right now. We’re going to want to see a break in close above there. Gold is continuing to sell. So we’re going to want to watch major four star support. That’s going to be 1944 and 6/10 to 1950 and 6/10 crude oil, three star resistance. We’re seeing a nice little relief rally here today.
We’re going to want to watch 77, 74. If you have any questions, reach out to our trade desk. We’re here for you.
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