Chicago PMI came in at the highest level since June of 2022. The Dow Jones is outperforming the S&P while the Nasdaq 100 underperforms. Crude Oil reverses sharply despite another OPEC production cut.
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Good afternoon, traders. It’s Chris Chavez with Blue Line Futures and it’s your daily midday market minute. Chicago PMI comes in above estimates. Nasdaq is selling off while the Dow Jones is positive. 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. Help us build our following. The Chicago PMI surprises to the upside comes in at the highest level since June of 2022. We’re seeing some weakness in stock indices. The S&P is outperforming relative to the Nasdaq. NASDAQ is selling off the most when looking at no, you know, a lot of the different benchmarks.
Dow Jones really outperforming here today. The Russell outperforming the Nasdaq and the S&P as well. So, you know, really think that you’re kind of seeing that with, you know, again, the strength that we saw in Chicago, PMI, manufacturing and the Dow Jones is the industrial average, you know, kind of benefiting from that here today. I think we’re just seeing a little bit of a rotation.
We’re not seeing a tremendous move across the Treasury yield curve today. Bonds are in negative territory, really across the curve, but it’s not a huge move in yields. So I think we’re just seeing a little bit of a repricing here today, you know, maybe a little bit of a rotation heading into the month of December as this is the last trading day in November.
So potentially just a little bit of rebalancing, you know, monthly rebalancing, especially with some of this data that we had. Eurozone CPI actually did come in underestimates as well. We got here in the U.S., which did come in at estimates. Jobless claims, initial jobless claims came in at 218,000. Estimates were for 220. So pretty much right on the mark there.
But continuing claims did show a little bit of an uptick. So a little bit of a mixed bag when looking at some of the jobs numbers. But, you know, for the most part, inflation came in at expectations. The month over month number for PC did come in slightly below. Estimates were four 1/10 increase and we got no increase.
But the year over year number did come in at estimates. So again, think that what we’re really seeing here today is a little bit of a rotation. We’re going to want to pay attention to some of these major levels that we’re going to keep an eye on here for the S&P, for the Nasdaq, really, it’s going to be some of these support levels.
And for the S&P, it’s going to be 45, 49 and a half to 45, 55. That’s a three star level that we would pay attention to really closely as I’m shooting this video here, you know, we’re trading right around that range. So we really don’t want to see a break and close below there for the Nasdaq. It’s going to be 15, 894 to 15, 917.
Again, that’s a three star level that you’re really going to want to pay attention to. A break in close below there, we could see a little bit more weakness. Crude oil. We did get, you know, a press statement from OPEC. OPEC released, you know, another potential supply cut, 1 million barrels per day. And as you know, the markets initially reacted.
You know, we kind of moved a little bit higher and then reversed sharply. So maybe this is a sell the news event. You know, we’re still maybe anticipating weaker economic growth is slowing consumer, which could still be, you know, bearish for crude prices, even though OPEC and some of these other countries are still playing price defense. So major level, you’re going want to keep an eye out for crude, 74, 64, 74, 73.
That’s a major three star level that we highlighted in our research. And gold, we’re still seeing strength in the precious metals complex here. Silver’s positive today gold is in slightly negative territory, but grinding its way a bit higher 2067 to 2072. That’s major overhead resistance. You’ll want to watch that level of break and close above there. I think we could push towards new highs in the precious metals, specifically gold.
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