RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

U.S. Stock Futures hung on to their early gains while government issued-bond yields declined after a poor jobs report number that suggested a slowdown in the recovery of the economy. This month’s job report showed that employers added 266,000 jobs with unemployment rising to 6.1%. This was far from the economist’s prediction that jobs would grow by over 1 million and the unemployment rate falling to 5.8%.  The 10-year Treasury note was down to 1.509 from 1.561% which was a decline for the sixth consecutive day. The disappointing data added to the concerns of bankers and economists who feel that there is still great downside risk in the U.S. economy recovery. The U.S. is still 8.2 million payrolls short of the pre-Covid pandemic levels and the unemployment rate and labor force participation are still off from the February 2020 levels.

“ Federal Reserve Chair Jerome Powell has suggested he would want to see a “string” of strong payroll gains totaling more than 1 million before the central bank considers adjusting its ultra-accommodative monetary policy posturing. With the April jobs report such a stark disappointment, it appeared the economy still did remain far from the central bank’s targets of reaching maximum employment, and would keep the Federal Reserve on hold with its current policies.”

Resistance today is showing 422000 and 423500 with support checking in at 416500 and 412000.

E-mini S&P 500 Jun ’21 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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