RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Global equity markets were mixed Wednesday night with Pacific Region stocks softer and some European indices trading higher.  Despite increased two-sided volatility in the NASDAQ this week, most equity market measures are at or near new all-time highs in the early Thursday US trade.  However, the markets appear to have balanced the overbought technical condition from the November 28th explosion with 24 hours of uncertainty on the charts and that could pave the way for even more gains directly ahead.  The bull camp is clearly benefiting from a convergence of positive themes with tax reform progress hopes very high, US scheduled data coming in better than expected and talk this week that the Yellen recovery is broadening.  As indicated already, the markets uncertainty over the last 20 hours of trade could have balanced the overdone technical condition enough to set the stage for even more impressive upside work later Thursday.  However, the fly in the ointment for the bull camp in the E-mini S&P could be the PCE inflation readings later Thursday morning as the Fed Beige Book Wednesday seemed to rekindle rate hike discussions and that could be an element that is up to the task of derailing the bull market.  Support comes at 2625 with 2642 as first resistance.

E-mini Dec ’17 Daily Chart

E-mini S&P 500 Dec 17 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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