Overnight weakness in global equity markets crept into our own in the early going.  While the Dow and Russell have seen somewhat minor corrections from their lows, the Nasdaq and mini S&P have retraced more than half of their losses.  In addition to weakness elsewhere, investors seem to be losing faith in a swift passing of a stimulus bill.  Right now, the focus seems to be on once again impeaching Donald Trump.  We also need to consider the possibility of further lockdowns if President Biden’s mask mandate does not see the intended results.  That said, I’m not sure the market takes those fundamental factors all that seriously.  The market and all its participants know that money will be spent.  Janet Yellen has said as much.  We’ll see what kind of legs this selloff has, but dip buyers continue to be active. 

E-mini S&P 500 Daily Chart


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Bill Dixon

Senior Market Strategist
Bill began his career working with a firm of technical commodity traders specializing in the treasury and metal markets. In 2006 he moved over to Lind-Waldock as a broker. Bill joined RJO Futures in 2011.
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