Stock Indices Recap – 5/18/2017 | RJO FuturesPosted 05/18/2017 3:34PM CT |
June S&P finished up 6.1 at 2363.6, 9.4 off the high and 19.1 up from the low.
June S&P E-Mini closed up 6 at 2363.5. This was 19 up from the low and 11.5 off the high.
While the stock market today manage a recovery bounce off its lows, it did extend the break and momentarily trade below the 2350.00 mark basis the June E-mini S&P. For technicians, that leaves the bias pointing downward. In addition to a fairly clean sweep of positive US scheduled data, the market also saw support from stronger than expected Walmart online sales and surprisingly from increased physical customer visits. An issue that might serve to keep a lid hanging over the market came from the US Treasury Secretary’s Grilling in Congress in the beginning of tax reform hearings. In conclusion, macroeconomic uncertainty was tamped down today but political uncertainty remains in the wings.