The Dollar is positive and metals are sharply lower after gold trades to all-time highs. The Nasdaq 100 underperforms, while Crypto and the Russell 2000 gain momentum.
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Good afternoon, traders. It’s Chris Chavez with the Blue Line Futures and it’s your daily midday market minute. Crypto is outperforming here today along with the Russell 2000. The dollar is in positive territory. But before we get to it, if you’re watching this video like it subscribe if you’re on our website, there’s 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 sort of dollars in positive territory here today. We didn’t get a lot of data this morning. Factory orders did come in at the lowest level seen since March of 2020. So, you know, despite that, you would think that we would see a little bit more dollar weakness here today.
But we’re seeing some dollar strength, potentially some short covering. You know, we’re seeing a lot of profit taking when looking at the precious metals, the Nasdaq 100 as well. Gold, you know, traded higher to all time highs at Sunday, open yesterday, reversed sharply, now in negative territory. Silver, the same thing didn’t trade up to all time highs, of course, but also saw a nice pop and then we reversed sharply.
The interesting thing today is, again, despite the dollar being in positive territory, you’re seeing a huge bump up in the crypto landscape, Bitcoin, Ethereum, positive by over 6%. You know, we’re looking at the Russell 2000. The Russell is actually slightly positive here today as well, outperforming the Dow Jones, the S&P, the NASDAQ, really the big underperformer here today is tech.
NASDAQ, you know, is underperforming by the widest margin, followed by the S&P and then the Dow Jones potentially seeing some profit taking and seeing managers maybe rotate in to some other risky, you know, risk assets chasing outperformance here maybe into the end of the year, positioning for next year, especially as we’ve seen, you know, interest rates kind of get repriced and now we’re seeing probabilities as high as 55% that we’re going to see a cut in March.
So really seeing interest rate expectations shifts tomorrow, we’re going to get JOLTS data. I see PMI really filled with a lot of jobs data here this week. ADP nonfarm nonfarm the unemployment rate. A lot to pay attention to in this environment. Looking at some of these major support and resistance levels as we’re seeing these these markets move here today.
The s&p three star support 4552 to 4555. The NASDAQ three star support that you want to keep an eye on, 15 719 to 15 730 to gold major for star support, 2033 and 9/10 to 2039 and 7/10. And looking at silver, another precious metal major for star support there, 2489 to 2494. And if you have any questions, reach out to our trade desk.
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