Initial and Continuing claims came in better than expected, and markets are positive. Is the goldilocks soft landing narrative playing out? Crude finds support and the Nasdaq 100 reclaims its spotlight.
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Good afternoon, traders. It’s Chris Chavez with Blue Line Futures and it’s the daily midday market minute. Got some claims data here this morning. The Nasdaq is outperforming. 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’d love for you to follow us. We’d love for you to help us build our following. Yeah, we got some initial and continuing claims here this morning that both came in better than expectations. The Nasdaq is outperforming here today, and I really think that today is a good example of the narrative that the market wants to see. We want to see the labor market, you know, start to weaken just enough to where, you know, gets the Fed off guard and we get a sooner than expected interest rate cuts.
But we don’t want to see too much labor weakness as that might spook the markets, especially if yields are coming down too quickly. So today, with the claims data coming in a little bit better than estimates, you know, you’re you’re seeing the good data or the good news equals good news for the markets. And that’s kind of the opposite of the narrative that we’ve kind of been seeing this year.
So I think you want to see a little bit of a slowdown, but not too much to where it scares the markets. So again, Nasdaq big outperformer here today, followed by the S&P, Dow and the Russell, really the opposite of the, you know, the trade that we’ve been seeing as of late, where the Russell has been outperforming Google shares sharply higher here today after Google unveiled a new AI model.
That’s really what’s propping up the Nasdaq 100. And again, tomorrow, we’re going to get more jobs data. We’re going to get non-farm. We’re also getting the unemployment rate. So still a lot to finish out this week. We’ll even get Michigan data some good insights to the consumer and sentiment tomorrow as well. Now, looking at the S&P three star resistance as we’re getting a nice we’re catching a nice bid here today, 4597 to 4600 and a half.
That’s the level that we’ve been highlighting here as of late. We got to get above there to see more momentum. NASDAQ three star, it’s going to be 16, 23 to 1652. Same thing. We got to get above there before we can see more momentum. GOLD We you know, we’ve rallied sharply, made all time highs and now we’re just kind of consolidating.
I do like the strength that we’re seeing. But if we break in close below 20, 32 and 2/10 to 2036 and 3/10, I would be a little bit more worried in the near-term about the consolidation before we make our way higher. So that’s the important three star support pocket you’re going to want to keep an eye on crude.
We’ve seen a lot of weakness here, again, especially on growing demand concerns, economic growth concerns and deteriorating consumer. So I think a resistance level to keep an eye on, you know, especially if we do start to see more data come in weaker than expected 70, 55 to 70, 81 that, you know, just above that psychologically significant $70 level, we break in close above there.
I think we could see a little bit higher price action in the near term. But if we failed to get above that level, I wouldn’t be surprised to see us come back a little bit more until we start to see the economy heat up a little bit better or strengthening labor market conditions or a consumer. If you have any questions, reach out to our trade desk.
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