RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Just when some traders may have thought the run up in stocks has run its course, the US Department of Labor released its report at 234K at 7:30am CST today. Consensus, or what was expected, was 238K, therefore the number that was released drove stocks like the S&P, Dow and the NASDAQ higher into today’s session. As a reminder, the Initial Jobless Claims is a measure of the number of people filing first-time claims for state unemployment insurance. The US Department of Labor releases this report every Thursday of the week each month. In other words, this report provides a measure of strength in the labor market, and in today’s case, this report proves for a healthy economy. A larger than expected number indicates weakness in this market, which influences the strength and direction of the US economy. Furthermore, a decreasing Claims number should be taken as positive or bullish for the USD as well.

S&P 500: The June E-Mini S&P forged a fresh new all-time high over the information of the last three trading sessions, which hints at investor resolve and a consensus that the global economy is moving forward. Apparently, terrorism threats are only a limited influence on these markets and the trade came aware from the Fed meeting minutes yesterday with the idea that rate hikes will be slow yet are coming. The market holds a bull alignment and breakout over 240450 targets a quick run to 2410and potentially beyond 243000+. Failure to extend a breakout push into new highs could prompt reactionary dips, but trade should stabilize in the 2390-2380 range to keep bull forces. Close under 236550 signals a reversing downturn.


Jun ’17 Emini S&P 500 Daily Chart

Jun '17 Emini S&P 500 Daily Chart

Manon Lasserre