RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

The U.S. stock futures rallied this morning after the May jobs report came in way below the forecast.  Analysts were expecting employers to have added 185,000 jobs last month after a huge number in April of 263,000, but only 75,000 jobs were created last month according to the Labor Department. The unemployment rate remained at its lowest level since December 1969, 3.6 percent.  This poor number could put some weight on the Federal Reserve to lower interest rates due to a slowing of the U.S. economy.  The market is placing a 25 percent chance of a rate cut at the June Meeting.  According to payment processor ADP, the jobs report follows the smallest increase in private-sector employment in nine years which showed that it added 27,000 non-farm jobs in May.

Support is coming in today at 282600 and 280000 with resistance around 286700 and 288000.

E-mini S&P 500 Jun ’19 Daily Chart

E-mini S&P 500 Jun '19 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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