Global equity markets were mixed overnight with several markets in Asia closed for holiday.  However, US equity markets have started the trading session off on a weaker footing which could be the result of a lack of forward progress in Washington on a lengthening list of political footballs.  Not surprisingly, many analysts have turned guarded toward the stock market because of the lack of a forward path on tax reform.  In fact, instead of a focus on pro-growth, Washington looks content to settle into a battle Royale on a Supreme Court nomination.  While the Supreme Court composition is an extremely important issue, the focus on growth and jobs is lost in the smoke of government partisanship. 

Typically, the stock market does not like uncertainty, and it goes without saying that political uncertainty is expanding rather than contracting.  Another issue that appears to be undermining stocks is a growing list of analysts recommending higher cash levels because of geopolitical and economic turmoil.  In fact, to limit the slide in the June e-mini S&P today probably requires a better than expected US factory orders result early on.  We see little in the way of support until the 2340 level and perhaps not until a series of consolidation closes around 233800.


Emini 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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