The 10-year yield is trading at the lowest level since July. The Nasdaq hits a new high, and metals and crypto are outperforming.
TRANSCRIPT
Good afternoon, traders it’s Chris Chavez with Blue Line Futures at at your daily midday market minute the Nasdaq sees a new 52 week high today. Precious metals and crypto outperform. But before we get to it, if you’re watching this video like it subscribe if you’re on our website. There’s also will link to direct you to YouTube and you could subscribe that way.
We’d love for you to follow us. We’d love for you to help us build our following. Yeah. So looking at the markets here today, we’re seeing precious metals and crypto outperform, you know, platinum, gold, silver, all in positive territory. Looking at cryptocurrencies, ethereum’s up over 6%. Bitcoin’s up over two and a half percent or so. And when looking at the S&P, the NASDAQ, some of the other stock indices, the Nasdaq sees a new 52 week high today.
However, the Dow Jones is actually marginally leading the way higher. Stocks are, you know, battling positive territory, up marginally, but seeing a new 52 week high here for the Nasdaq. Now, we did get a little bit of economic data here this morning. The U.S. Richmond Manufacturing Index came in at -11 versus negative seven. Expect it. So this is not as a significant manufacturing index, you know, relative to others, let’s say, but still an important one does show a little bit worsening conditions in the Richmond area with the survey of over 100 manufacturers.
So definitely something to keep an eye on. You know, the manufacturing sector has really been struggling as of late, did seem like we’re starting to see a little bit of a bottom in some of these other indices. But nonetheless, one important indicator that we’re seeing today and we will get a five year note action as well, 1 p.m. Eastern time.
Important to pay attention to looking at yields today. So far, bonds are in positive territory. You know, the 30 year trend as low as 397 basis points today, the ten year 381 basis points. This is the lowest level seen since July of this year, July 2023. So really starting to see, you know, easier financial conditions again, the ten year sets, the 30 year benchmark for mortgages as well.
So, you know, you’re starting to potentially see, you know, maybe more mortgage applications, at least easier financial conditions. You know, lending that credit to consumers can definitely have an impact on not only housing, but, you know, stocks as well, you know, which is why we’re seeing stocks rally here as of late. So, you know, like I highlighted, the Dow Jones really showing the most strength today.
Equities are trying to hold positive, but really, we’re going to want to continue to pay attention to the economic data that continues to come out and interest rate expectations, how those may shift in some of those deferred months. Again, March of 2024, You know, just yesterday we were sitting about a 82% probability of a cut. Now we’re sitting at about an 85, 86% probability.
So you’re really seeing conviction in that. We’re going to see a cut as soon as March. Tomorrow we’ll get a seven year note auction initial and continuing claims, pending home sales, retail inventories as well. So some important economic data to pay attention to. Looking at some of the technicals, the S&P is less than a half a percent away from all time highs.
So looking at the s&p s many e many futures contract the two star resistance level to pay attention to. We’re watching you know it’s really just the previous high want to see it break it close above 4834 and a half. That’s a two star level Nasdaq to star resistance 7109 or 17 109 excuse me, to 17 112. And we want to see a break close above there as well.
Like I said, the Nasdaq actually did hit a high 52 week high here today before we kind of reversed at the open and crude oil. We saw a nice little pop here as of late, but kind of struggling to really break out, kind of seeing capitulation in the markets. You know, we will get some inventories data tomorrow, a three star level to pay attention to 73.
89 is 7411. We want to see markets hold that as a three star support level, rather not resistance. Want to see the markets hold that we get inventories data tomorrow. Definitely going to be wanting watch that level and gold again with a major outperformance here today. Four star level to keep an eye out for star resistance 2089 and 5/10 to 2089 and 7/10.
We want to see a break in close above their two, then push up to 2100. Do 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.