RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Global equity markets were weaker overnight due to ongoing concerns with Korea, fears of political issues in the UK, and turmoil in France’s elections. While US equities saw some favorable earnings reports yesterday, the market continues to be pounded by a series of geopolitical uncertainties. The bull camp has to hope that US scheduled data will provide some type of positive macroeconomic backstop against negative international headline flow.

The market has shown some potential to bounce off last week’s lows, and the June E-mini S&P did forge a minimal higher high this morning. Even so, we have to leave the edge with the bear camp given international headline flow and the market’s muted response to some favorable corporate earnings results this week. However, the June e-mini S&P did manage to temporarily rise above a three week old downtrend channel resistance line at 234550, but given today’s geopolitical and economic set up we can’t rule out a decline below a close in pivot of 233325. More significant support in the June E-mini S&P is seen down at 232400.

 

Emini 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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