Global equity markets were mixed overnight with Asian markets generally positive and European markets generally weaker.  In a slightly disappointing development for the bull camp, the market remains lower this morning in the face of better than expected quarterly profits/revenues from PepsiCo.  News that Seattle passed an income tax on high earners is potentially a major negative as that signals a fresh revenue angle for other cities and that news adds to the threat of higher Illinois income tax rates from last week.  In short, instead of seeing the realization of federal tax cuts/reform and infrastructure spending, US stock markets continue to see regional tax drags on growth.  With Pepsi beating revenue estimates, the market starts the Tuesday trade with a specific positive fundamental news item.  Unfortunately, initial US price action in the E mini S&P failed to follow Asian stocks higher and the E-Mini appears to have critical pivot point just under the market at 2419.  An issue that might favor the bear camp early today is the fact that defensive shares pulled down European markets and there also appears to be some weakness in oil sector shares early today.  A more significant consolidation support zone is seen at 2415.

Sep ’17 E-mini S&P 500 Daily Chart

Sep ’17 E-mini S&P 500 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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