Equity

Stock Futures Down With Increase in Tension Between U.S. and China

Posted 07/24/2020 9:17AM CTJeff Yasak

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

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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