RJO FuturesCast

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Indices

Good End to a Bad Week for Stocks

Posted 05/24/2019 9:16AM CT | Jeff Yasak

The U.S. stock market is up this morning along with European stock ending on a good note to a challenging week where trade tensions dominated the market.  S&P futures rose 0.6 percent earlier today after President Trump said that there remained a “good possibility” that the negotiations with Beijing could get back on track.  He also noted that Huawei, the Chinese tele-com giant, might be involved in a trade deal with China.  Durable goods orders fell 2.1 percent in April as transportation equipment orders slid again.  Excluding the transportation numbers, orders remained nearly the same as March.   UK markets traded higher as Theresa May announced she would be resigning her post as prime minister in a few weeks’ time.  This market was also fueled as the UK retail sales came in above the forecasts.

Support in the E-mini S&P is coming in today at 279200 and 277500, with resistance showing around 284500 and again at 288000.

E-mini S&P Jun ’19 Daily Chart

E-mini S&P 500 Jun '19 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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