Equity

Stock Futures Looking to Continue Rally

Posted 05/21/2021 9:31AM CTJeff Yasak

U.S. stock indexes are looking to continue the rally heading into the final session of the week.  The markets saw a recovery yesterday after the jobless claims data was released showing that the labor market was continuing its recovery.  According to the Labor Depart Thursday’s data had the number of Americans filing first-time jobless claims at a pandemic low.  For the week ending May 15th 444,000 people filed for unemployment which was below the analyst’s prediction of 450,000.  This drop in claims shows continued improvement in the labor market as more Americans are getting vaccinated and returning to work.  Even with the positive new data there still are 8.2 million fewer jobs than there was pre-pandemic.  The most recent jobs report had the U.S adding 266,000 nonfarm jobs while the unemployment rate increased to 6.1% missing the 5.8% and 978,000 predictions.

Support today is 411000 and 406000 with resistance showing 419600 and 422500.

E-mini S&P 500 Jul ’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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