Bull Camp has Control Today in the S&P

July 25, 2017 11:55AM CDT

Global equity markets were mixed overnight with Asian markets weaker and European markets higher. Clearly, positive action in European stock markets was lost on the early US trade, perhaps because DuPont disappointed the market with a 15% decline in second quarter profits and the trade was somewhat disappointed with the results from Alphabet yesterday. However, the market appears to have shaken off the drag from fears that Google costs-per-click will continue to rise, and it also appears as if the markets have discounted the large EU fine lodged on the massive internet giant. All things considered, even a slightly positive track in equities early today points to ongoing bullish resolve, but the trend for the day might be set early because of earnings. In fact, there will be a busy day of earnings announcements today which will include #M, McDonald's, United Technologies, Eli Lilly, DuPont, Caterpillar, Biogen, General Motors, and Kimberly-Clark before the Wall Street opening. As suggested already, the E-mini S&P has seemingly shaken off the weaker track put in place since last week’s high with prices potentially approaching the old all-time high up at 2476 sometime later this morning. Initial resistance is seen at 2475 and initial support is seen at 2465. With a very long series of key cyclical before the official Wall Street opening. We have to leave the edge with the bull camp unless something unforeseen from the geopolitical landscape surfaces.

Sep '17 Emini S&P Daily Chart

Sep '17 Emini S&P Daily Chart

RJO Futures | 222 South Riverside Plaza, Suite 1200 | Chicago, Illinois 60606 | United States
800.441.1616 | 312.373.5478

The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results. Trading advice is based on information taken from trades and statistical services and other sources that RJO Futures believes to be reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgement at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades.

This material has been prepared by a sales or trading employee or agent of RJO Futures and is, or is in the nature of, a solicitation. This material is not a research report prepared by RJO Futures Research Department. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions.

Distribution in some jurisdictions may be prohibited or restricted by law. Persons in possession of this communication indirectly should inform themselves about and observe any such prohibition or restrictions. To the extent that you have received this communication indirectly and solicitations are prohibited in your jurisdiction with registration, the market commentary in this communication should not be considered a solicitation.