Consumer Confidence came in weaker than estimates, and BTC continues to rally, lifting the Russell 2000 index. Atlanta Fed GDP Now came in higher than estimates, showing conviction in the strength of the economy.
Transcript
Good afternoon traders. It’s Chris jabbers with blue line futures and it’s your daily, midday market minute, we have the Russell 2000 outperforming amongst equity indices. But before we get to it, if you’re watching this video, like and subscribe if you’re on our website, there’s also a link to direct you to YouTube, you can subscribe that way we would love for you to follow us, we’d love for you to help us build our following. And we’ll get the Russell 2000 outperforming here today up about a percent and change as of this video. And looking inside of the Russell Index, we actually see MicroStrategy one of the big outperformers here today, Bitcoin is also taking another leg higher, which is having an impact on micro strategy and one of the largest constituents inside of the Russell 2000 index. Certainly one reason why you’re seeing the Russell 2000 outperform here today. Now treasury yields are slightly lower. Today, we got some economic data that came out this morning Durable goods orders which came in slightly below estimates as well as consumer confidence which actually showed a little bit of weakness and we got a downward revision to the previous numbers. So we did see a little bit of a spike when looking at some of the risk assets, you know, like silver as soon as this came out, we spiked, spiked higher and then traded lower. And we got a little bit more data throughout the day like Atlanta Fed GDP now came in above estimates 3.2% versus 2.9% expected looking at the CME FedWatch tool with some of the data that came out today, there is now a 65% chance of a cut in June that compares to 60% yesterday, an 85% chance of a cut in July, which compares to about 80% yesterday and definitely think that the weaker consumer confidence numbers that we’re seeing today is why you’re seeing a slight move higher in you know those expectations but nothing really to cry home about or or you know, to really hold too much weight into, you know, throughout the week, we’re still going to get a lot more data that’s definitely going to hold more weight. GDP GDP Price Index tomorrow goods trade balance and oil inventories are going to be really important. PCE is the big one to pay attention to on Thursday. Other than that the markets are just about quiet here today. You know, we also have energies, crude oil, really trying to push higher overhead resistance for crude Forestar that I really want to see us breaking close to see more momentum is 7861 to 7872. And looking at the equity indices support levels as the Russell is higher but the s&p and the Nasdaq are lower 5076 and three quarters is a three star support level. I want to see us hold there if we break and close below there we could see a little bit more weakness, NASDAQ three star support levels going to be 17 849 to 17 860. Again, I don’t want to see us break and close below there otherwise we could see a little bit more weakness here on the near term silver three star overhead resistance as 2298 to 2305. It’s a bit above where we are currently as of this video, but if we do see a pop, you know data starts to look a little bit weaker. Yields come lower and silver moves higher. You know really want to clear out and break that resistance pocket break and close above there. If 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.