U.S. stock futures dropped Friday, putting the Dow on pace for its worst weekly performance since the end of January. Futures tied to the Dow Jones Industrial Average fell 0.8%. The Blue-chip index fell 1.9% this week, leaving it poised for its worst showing since it retreated almost 3.3% in the last week of January. This morning also saw the S&P index down .07%. If it continues the benchmark index could see an end to a three-week streak of gains. Nasdaq-100 futures traded 0.5% lower, due to a drop in large technology stocks at the opening bell. Traders are also not as optimistic  after Federal Reserve Bank of St. Louis leader James Bullard said on CNBC that he expects the first Fed increase in late 2022, due to the fact that they have faced more inflation than it expected, and policy makers need to be nimble, he added. But it will take more Fed meetings to organize the debate over reducing its bond-purchase program.

Support today is checking in at 418500and 416500 with resistance 423000 and 424500.

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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