Equity

Bulls are saved by the NASDAQ, but watch for end of month action in S&P | RJO Futures

Posted 05/31/2017 11:15AM CTJeff Yasak

Global equity markets were mixed again overnight with Pacific Rim markets moving generally positively, but European markets turning out mixed. Despite generally favorable international economic report flow, overnight equity prices appear to be unimpressed and poised to drift lower. Clearly favorable economic news from China and the Euro zone has been discounted in favor of ongoing geopolitical concerns, which remain glued to the eroding support for the British Prime Minister and the declining hopes of pro-growth policies from the Trump administration.  Another issue that has apparently come down in favor of the bear camp is a gradual rise in June interest rate hike expectations. As indicated already, the path of least resistance looks to be pointing downward, but declines are likely to be slow and measured. Downtrend channel resistance in the June E-mini S&P today is seen at 2416 and initial support in the market is seen at 2408. Therefore, the initial range of trade today looks to be tight and doesn’t appear as if it will take much of a move in either direction, which should result in follow-through technical buying/technical selling.  

 

Jun ’17 Emini S&P 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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