RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Indices

Stocks Down Early on Thursday

Posted 11/15/2018 9:57AM CT | Jeff Yasak

U.S. stock futures were down early today as the wildfires continue to cause the California utilities to drop with PG&E and Edison International leading the way.  Several key UK Cabinet members resigned today because of a lack in confidence in Prime Minister May’s leadership abilities and her Brexit deal. The fear that May could be replaced, and the UK could crash out of the EU without a deal is a risky scenario for the markets.  Jobless claims came in today at 216,000, a bit higher than the 210,000 that some economists had forecasted. Retail sales were up as purchases of building materials and autos surged.  The number increased 0.8% higher than the forecast of 0.5%. Today’s support is 266600 and below at 264500 with the first resistance being 273000 and 277000.

E-Mini S&P 500 Dec ’18 Daily Chart

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

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Jeff Yasak

Senior Market Strategist
Jeff studied finance at the University of Wisconsin-Madison and at Loyola University. He left the corporate world in 1995 to pursue his dream of working in the financial markets. Jeff's trading career began as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange. This is where he developed a great interest in the options market that led him to the retail futures business. Jeff spent a few years as a broker's assistant before managing clients of his own.
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