RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Global markets remained under pressure in a reaction that more than likely followed the slide seen in the US markets on Wednesday. However, with US stocks showing renewed pressure again this morning, the spiral looks to continue throughout the world. Clearly, the markets were not supported in the face of mostly positive international scheduled economic data flows overnight. With US data scheduled later this morning projected to be soft, and the Washington political rumor mill running at a very high RPM again, there is no reason to call for an end to the selling carnage. While there might be some positive news flowing from corporate earnings due out today, news from earlier in the week that Ford was cutting jobs combined with news this morning that GM will cut facilities in India and South Africa simply adds to the bear case. With another range down extension in the June e-mini S&P to start, there might be little in the way of support until 234050. As indicated already, US scheduled data due out later today could facilitate even more declines. In fact, with June e-mini S&P overnight retesting its 50 day moving average at 236500 and then falling back away from that test, it is clear that investors and traders lack resolve. It should also be noted that the June e-mini S&P has fallen below a four month old uptrend channel support like at 2351.

 

Emini S&P 500 Daily Chart

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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