Stock Indices Mixed Shortly After Open

June 22, 2018 9:29AM CDT

Stock indices are higher shortly after this morning’s open.  The S&P and Dow have kicked the morning off in the green by a decent amount, while the Nasdaq is struggling a bit (Likely due in large part to the online sales tax ruling handed down by the Supreme Court this week).  The Nasdaq and S&P are near the upper end of the trading channel we’ve spent the majority of the last two and a half years trading in, while the Dow appears to be on the lower end of its channel.  Given the threats of tariffs that are hanging over the markets, I would argue the action over the past week or so is rather impressive.  Should we find some middle ground before the tariffs are set to go into effect early next week, I believe we could see some sizeable rallies.  Barring some compromise, we may struggle to build on the upward momentum as the second quarter comes to a close.  Today’s news cycle is very light, but next week’s data could very well provide the market with some fuel for the next move higher or lower.  Housing data, consumer confidence and sentiment, and GDP will be the numbers I’ll be watching closest. 

E-mini S&P 500 Weekly Chart

E-mini S&P 500 Weekly 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.