Equity

Equity Bears Still Holding an Edge

Posted 02/08/2018 1:51PM CTJeff Yasak

Global equity markets were mostly weaker with Japan and Russia being the exceptions.  The normal technical pressures on the equity markets were also fueled by comments from Robert Kaplan, the President of the Dallas Fed, who stated that they should continue to remove stimulus moving forward.  It is also likely that global equities are under some liquidation pressure because of the possibility of a US debt ceiling/government shutdown threat even though there are signs of negotiation and progress on that front.  The Dow Jones industrial average traded 500 points lower after opening just above the flat line. The 30-stock index also approached 23,778.74, its low for the week. It looks as if the aggressive volatility is set to extend and we can’t rule out at least a quick peek back below 2600 because of the looming uncertainty off the US debt ceiling battle.  In fact, even a recovery bounce back above 2700 means little in these current market conditions.   Support comes in at 2649 with resistance at 2705.

e-Mini S&P 500 Mar ’18 Daily Chart

e-mini_s&p_mar18_daily_chart

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Jeff Yasak

Senior Market Strategist
Since leaving the corporate world in 1995, Jeff has established a name for himself as a trusted financial advisor and trading advocate—leveraging his studies in finance from the University of Wisconsin-Madison and Loyola University, 25+ years of experience, and a passion for the industry to guide both novice and experienced traders in pursuit of achieving their own financial reward. Jeff began his career as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange—fostering a deep interest in the options market that eventually drove him into the retail futures sector where he spent several years as a broker’s assistant before taking on clients of his own. Operating at the intersection of strategy and success, Jeff seeks to establish meaningful relationships with clients—synthesizing financial data and offering timely insight that informs critical decision-making surrounding money management and trading activities. Well-versed in the futures, securities, equities, and indices markets, Jeff is uniquely positioned to direct his clients to success. With a carefully cultivated combination of experience and expertise, he is able to connect with clients to better understand their goals and offer sound financial guidance that delivers notable bottom-line results.
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