Q3 GDP came in at 5.2% and Consumer Spending came in weaker than estimates at 3.6%. Crude finds support while Stocks face major overhead resistance.
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Good afternoon, traders. It’s Chris Chavez with blue line futures and it’s your daily midday market minute. Q3 GDP was revised higher than consensus estimates. Stock indices are battling positive territory. 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 Q3 GDP was revised higher than estimates. Consensus estimates was looking for 4.9%. We got a print of 5.2. So you’re still seeing some strength in GDP. Of course, this is a lagging indicator, so we don’t want to put too much weight on that and on those revisions.
But I mean, looking at the real consumer spending component, those numbers were actually revised lower. Consensus estimate estimates were four 4%. We got a print of 3.6%. So it’s looking like consumer weakness is starting to get baked into the cake here, into the environment a little bit. You know, we’re seeing treasuries rally here today. Yields are coming down and, you know, is providing, you know, easier financial conditions for the market, which is exactly what the markets want to see, you know, to continue to push higher.
Crude oil’s in positive territory. Gold and silver are trying to make their way higher. Stock indices were initially higher at the open. We did sell off. I think a lot of that’s definitely due to significant overhead. Technical resistance could just be taking, you know, market participants could be taking some profits at these elevated levels, potentially looking to reposition, as we do still have a lot of economic data here this week.
Tomorrow, we’re going to get Eurozone CPI, U.S. PC. That’s again, the Fed’s preferred inflation indicator, Chicago PMI. We’re going to get housing data pending home sales and also initial and continuing claims. So there’s still a lot that can really influence, you know, this market to finish out the week, a lot that we’re going to want to pay attention to.
We’re looking at, you know, the overhead resistance that we’re seeing today. Some of that selling pressure off of the highs supports going to be really important to pay attention to moving forward. If we break some key levels, you know, we could see a little bit more of a correction, you know, before we try to make our way higher, retest 52 week highs or break 52 week highs to end the year.
So for the S&P three star support’s going to be 4563 when looking at the Nasdaq to star support, not as significant, but still a love. We’re going to want to pay attention to that we put out in our research is 1671 to 1689. Looking at gold, we’re still catching a nice bid here. Moving higher. So 20, 67 to 2072, that’s going to be overhead resistance, a three star level to pay attention to.
Very important. We didn’t quite break above there here today. So we’re going to want to watch that one moving forward. Break close higher. Definitely gives a bit more conviction to two test highs for gold. And looking at crude oil, three star resistance. We’re catching a nice bid here today. We did get inventories, numbers, inventory numbers of three star resistance is going to be 77, 77 to 77, 93.
So really a break in close above 78 bucks looks a lot better for crude oil. If you have any questions, reach out to our trade desk. We’re here for you. Remember, futures trading involves substantial risk of loss and is not suitable for all investors.
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