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No sign of a top in S&P, but sluggish economic news may pressure | RJO Futures

Posted 05/02/2017 12:17PM CT | Jeff Yasak

After a weaker than expected Chinese PMI reading dampened risk sentiment yesterday, US data disappointed with personal income, construction spending, and the ISM manufacturing index all failing to match market forecasts.  US equity markets were able to shake off post-US data pressure to post moderate gains, with the NASDAQ climbing up to a new record high due to strength in Apple and Facebook, before earning announcements later in the week. Asian equities were mixed as the Japanese Nikkei continued to benefit from a sluggish Yen, while Chinese share came under pressure. European manufacturing PMI readings showed mixed results as the Euro zone was slightly below estimates. Despite geopolitical risks increasing in the Middle East and North Korea, and weak US economic news, the market remains in a solid uptrend and experienced strong gains yesterday. A deal to fund the US government through September helped to boost market sentiment in front of major risk events later on this week. Close-in resistance for June E-mini S&P today is seen at 2394. Look for a potential pull back to at least initial support levels of 2367 and 2358.

 

Jun ’17 Emini Daily Chart

Jun '17 Emini 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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