Treasuries rally, and yields are lower. The Russell 2000 outperforms followed by the Dow Jones. Precious metals are higher and Gold approaches all-time highs.
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Good afternoon, traders. It’s Chris Chavez with Blue Line Futures and it’s your daily midday market minute, nice rally here in the treasury market the Russell is outperforming the other stock indices. 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 looking at, you know, stock indices here today, the Russell Smallcaps leading the way higher. We’re seeing a real nice move across the Treasury curve. Treasuries are in positive territory, yields are lower and that’s providing support, you know, for the Russell really seeing relative outperformance here today, Russell leads the way higher, followed by the Dow Jones continuing to outperform the S&P.
The S&P is third and the NASDAQ is in the back seat here today. As you’re really seeing this rotation from, you know, maybe some of these mega-cap names to, you know, small caps and, you know, the industrials within, you know, the Dow Jones Industrial Average. So really don’t want to pay attention to Fed Chair Powell. He’s going to be speaking here today.
You know what he says as far as, you know, interest rate cuts are, you know, concern. You know, the pricing that we’ve seen in the Treasury market, the recent move that we’ve seen in bonds and yields, it’s really going to be important that Leonard Fed GDP now is also going to be coming out today as well. So we’re going to get some good data, potentially some other Fed speak.
So that’s really going to wrap up the end of this week. But looking forward next week, we’re going to get a lot of employment and jobs data, really important stuff to pay attention to. We’re going to get unit labor costs, average hourly earnings, you know, ADP nonfarm, we’re also going to get nonfarm and the unemployment rate. So a lot to pay attention to next week as far as jobs data is concerned.
That’s going to be a huge headwind for markets. As you know, if we do start to see some weakness in the labor market, really we could see interest rate cut expectations moved forward from May to March, potentially, and we see a stronger confirmation for a cut coming in May as well. So it’s really going to be important to keep an eye on that for next week.
And as we’ve seen this move here today, the S&P, you know, really trading higher. You know, it’s really in third place amongst the other indices here, three star resistance is going to be 45, 97 and a half. We’re really trading right around 4600 right now. So we want to see a break and close above that level to see more momentum and strength in that market.
Nasdaq psychologically significant, 16,000 level three star resistance. Pay attention to that. Again, we’re hovering right around that for the Nasdaq as well. It’s going to be important to pay attention to moving forward. Gold We’re seeing a huge move in the metals here today. Copper is in positive territory. The industrial metals, we’re seeing silver in positive territory, gold moving higher as well.
Three star resistance, 20, 67 to 2072. As I’m shooting this video, we’re actually above that level. So if we break in close above there, the next psychological level to keep an eye on major four star resistance, 2097 looking at silver, three star resistance 2609 to 2610 That’s going to be huge. Silver has failed to really get above 25, 82, 25, 85, so we get above there in the next $0.30 or so, it’s going to be that 2610 level to pay attention to.
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