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Bears Knocking On The Door | RJO Futures

Posted 04/18/2017 12:21PM CT | Jeff Yasak

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
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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