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E-mini S&P Takes a Breather Heading into Friday Reports

Posted 03/08/2018 10:34AM CT | Jeff Yasak

Asian shares were mostly higher Wednesday overnight and were led by strong gains in Hong Kong’s Hang Seng and South Korea’s Kospi indices.  The latest Chinese trade balance numbers displayed a much larger than expected surplus that included lower than expected imports with much higher than expected exports.  The E-mini S&P has remained in a fairly tight range at the upper end of this week’s trading range, as if it is taking a breather before eventful sessions at the week’s end.  While the threat of tariffs still looms over US stocks, there appears to be some temporary exemptions for Canada and Mexico, which brought some relief to the market.  Strong Chinese export numbers may also reflect well on global growth prospects and help support stocks.  US data will be the center of attention as the latest jobless claims readings will set the stage for Friday’s US employment situation report.  Support is seen at 2698 with resistance at 2747.

E-mini S&P 500 Mar ’18 Daily Chart

e-mini_s&p_mar18_daily_chart

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Jeff Yasak

Senior Market Strategist
Jeff studied finance at the University of Wisconsin-Madison and at Loyola University. He left the corporate world in 1995 to pursue his dream of working in the financial markets. Jeff's trading career began as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange. This is where he developed a great interest in the options market that led him to the retail futures business. Jeff spent a few years as a broker's assistant before managing clients of his own.
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