E-mini S&P Takes a Breather Heading into Friday Reports

March 8, 2018 10:34AM CST

Asian shares were mostly higher Wednesday overnight and were led by strong gains in Hong Kong’s Hang Seng and South Korea’s Kospi indices.  The latest Chinese trade balance numbers displayed a much larger than expected surplus that included lower than expected imports with much higher than expected exports.  The E-mini S&P has remained in a fairly tight range at the upper end of this week’s trading range, as if it is taking a breather before eventful sessions at the week’s end.  While the threat of tariffs still looms over US stocks, there appears to be some temporary exemptions for Canada and Mexico, which brought some relief to the market.  Strong Chinese export numbers may also reflect well on global growth prospects and help support stocks.  US data will be the center of attention as the latest jobless claims readings will set the stage for Friday’s US employment situation report.  Support is seen at 2698 with resistance at 2747.

E-mini S&P 500 Mar '18 Daily Chart

e-mini_s&p_mar18_daily_chart

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