RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

The U.S. stock market is down this morning on increased tensions between China and the U.S.  The two countries traded blows this week with the closing of the Chinese Consulate in Houston which led to the retaliatory closure of the U.S. consulate in Chengdu. These closures led to a major sell off in China based stocks that has had a ripple effect world-wide.  Jobless claims have also helped the slide as there was an increase in the weekly number for the first time since March.  1.42 million claims were reported compared to 1.3 million the week prior.  This has created increased fears into a sliding virus-stricken economy.  “Like we have seen in several other economic indicators, the initial claims data signal that the economy has lost some momentum lately following the solid improvement that occurred throughout much of April and May when restrictions on activity were being relaxed across much of the nation” JP Morgan economist Daniel Silver.

Support today is 319000 and 317000 while resistance is showing 326000 and 330500.

E-mini S&P 500 Sep ’20 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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