RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Uncertainties over the impact of the expected tariff announcement from the Trump administration Thursday is enough to keep sellers busy overnight. Foreign shares saw mixed results as the Shanghai composite and the Hang Sang indices posted minimal losses while the Japanese Nikkei saw a respectable gain.

The U.S. session will start out with a weekly initial jobless claims announcement that is expected to have a minimal down-tick from the previous 226,000 reading. The January FHFA housing price index is forecast to have a minimal uptick from December .3% reading.

Tariff uncertainties will likely reach their highest levels today as the market should look to settle after the release. However, fears of retaliation, concerns over the lack of advancement on the spending bill due Friday and ideas that the Fed will take a tough stance as the economy grows are all short-term headwinds for the market. The Fed hiked rates as expected and while they did not signal four rate hikes this year, they foretasted three in 2019 and another two in 2020. Resistance is around 2733 with support at 2703.

E-mini S&P 500 Jun ’18 Daily Chart

e-mini_s&p_jun18_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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