RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Global equity markets were mostly mixed this week. All things considered the ability to claw up and away from last week’s lows and shake off the sudden turn in sentiment against the high tech/high priced Bellwether issues is impressive.  It would appear as if the market is poised to draw in fresh bargain hunting buying off the idea that US rates will remain low for an extended period of time and that growth will remain positive even if growth rates are expected to be less than stellar.  In general, geopolitical anxiety is running much lower than last week and that might also be encouraging investors to pick up FANG stocks at a discount to their recent highs.  In general, the September E mini S&P remains mired within an eight day trading range with close-in pivot point support today seen at 2421.75 and resistance seen up at 243700.  The index seems to have garnered some spillover lift from generally positive international equity market action overnight and also from a favorable NFIB survey of small business optimism.  Uptrend channel support off the May and June lows is seen at 2421 and support level rises to 2426 this week.

 

Sep ’17 Emini S&P Daily Chart

Sep '17 Emini S&P 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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