RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Futures losses continued this morning adding to Thursday’s tech-driven selloff, while traders were watching a mixed group of bank earnings and a larger than expected drop in U.S. retail sales. Friday’s economic data came in much weaker than expected, adding to the current sell off. U.S. retail sales fell 1.9% in December month-to-month, far exceeding the estimate of a 0.1% drop making it the largest drop since February 2021.  The November number was also downwardly revised to 0.2% compared to the 0.3 percent previously reported. In Fed Governor Lael Brainard’s hearing before the Senate Banking Committee on Thursday, she suggested the central bank could begin raising interest rates — a move that would tighten financial conditions and help bring down inflation — “as soon as asset purchases are terminated.” The Federal Reserve is currently set to end its asset-purchase tapering process in March.

Support today is 460300 and 457500 with resistance showing 469500 and 476300.

E-mini S&P 500 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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