RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

The stock market jumped after a major drug maker presented a promising treatment for patients diagnosed with COVID-19 while policymakers escalated talks of reopening businesses. According to Stat News, a health-care media site, there have been promising results from a drug used to treat COVID-19. This disease has taken the lives of almost 150,000 people world-wide and closed most of the global economy to contain it. Researchers at the University of Chicago Medical Center have reported that they have seen “rapid recoveries” in patients taking Gilead Sciences experimental drug remdesivir in clinical trials.

Even though health officials and lawmakers have been saying that this country’s testing capacities fall dangerously short, President Trump released guidelines for a return to normalcy where coronavirus cases are low. Kristina Hooper, a global strategist at Invesco had said, “There is also positive sentiment being generated by the White House’s plan to begin slowly rolling back lockdown measures.  It seems clear that, as of late, stocks have chosen to look through what is expected to be a dramatic drop in earnings, and forward to a resurgence in economic activity in the not-too-distant future.”

Support today is 278000 and 2730 with resistance showing 284000 and again at 285000.

E-mini S&P 500 Jun ’20 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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