U.S. stocks rebounded Friday morning after data revealed that the economy grew at a faster rate than anticipated during the first quarter.  The markets were trading considerably lower before the GDP release after poor earnings from Exxon Mobil and Intel.  According to CNBC, “First-quarter GDP expanded by 3.2% in the first quarter, the Bureau of Economic Analysis said in its initial read of the economy for that period. Economists polled by Dow Jones expected the U.S. economy increased by 2.5% in the first quarter. It was the first time since 2015 that first-quarter GDP topped 3%.” Exxon fell almost 3% after reporting their earnings in the premarket badly missing the expectations from the analysts.  Intel fell more than 7% after providing a weaker than expected revenue forecast for the year.  Aside from the U.S. GDP report, investors will be looking for a glimpse of consumer sentiment, when the University of Michigan releases its index at 10 AM (ET).

Today’s support is 291500 and 290500, with resistance checking in at 293700 and 294700.

E-Mini S&P 500 Jun ’19 Daily Chart

E-Mini S&P 500 Jun '19 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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