RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

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
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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