Stocks Tumble as Traders Eye Hawkish Fed

October 18, 2018 10:04AM CDT

Overnight markets were mostly lower with heavy losses seen in Asia. The U.S. open will start with the jobless claims expecting to show a slight decline from the previous reading of 217,000. A strong labor market and economy will most likely keep the Fed on track for another rate increase this year. Traders will also be looking to the Philly Fed Survey today as soft news can lead to a larger sell-off. There will also be some key earnings after the close with AmEx and PayPal leading the way.

Today’s support is 2796.00 and below at 2769.00 while resistance is 2837.00 and 2851.00.

E-Mini S&P 500 Dec '18 Daily Chart

E-Mini S&P 500 Dec '18 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.