Is the Bond Market Collapsing -- Here's Nick's Take 10-04-23 #531

Daily Market Wisdom with Nick Santiago

1. Markets are in a down trend and fear is starting to set in. Yesterday's JOLTS number was a little too hot to handle as good news was bad news once again. The major indexes are trying to gain some traction today, but it is off to a slow start.
ISM services PMI came out weaker than expected.
2. There are a couple of positives for the markets today. 1. The US Dollar is finally pulling back. 2. Yields are also pulling back. This could help the markets to catch a bid from this very oversold condition.
3. This Friday is the non-farm payroll report by the BLS. That could be a market mover. Earlier today, the ADP Employment report indicated that private payrolls grew by 89,000 in September following a revised increase of 180,000 in August.
4. Oil is pulling back today trading lower by 3.00% to $86.50 a barrel. This pullback in crude was overdue. There will now be support around the $82.50 area on the daily chart.
5. Gold has been slammed recently on the back of the strong dollar. It does look as if there is some chart support around the $1820 area.
Silver has been beaten up as well and this is weak again this morning.
6. Bitcoin is trading up a little today, but remember it still has that bearish pattern on the weekly chart.