U.S. stock futures are trading lower this morning on continued fears of a global economic decline from the coronavirusDow Jones Industrial Average futures are trading lower, with a loss of 95 points at the open. S&P 500 and Nasdaq 100 futures are also primed to lower open. The number of confirmed cases in China increased with over 800 new cases announced overnight. South Korea and Japan also announced new cases.

“It could be some larger players hedging against downside risk of the coronavirus spreading,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. “That, on top of the Goldman call that a correction is more likely, has people on edge.”

Other economic events coming up include.

  • Earnings season rolls on, with results from Deere & Co. set for Friday.
  • Euro-area PMI and inflation data are also due Friday.
  • Group of 20 finance ministers and central bank chiefs are due to meet Feb. 22-23 in Riyadh, Saudi Arabia, and are expected to discuss efforts to support growth amid the coronavirus threat

Resistance today is 339900 and342600 with support at 334000 and 331000

E-mini S&P 500 Mar ’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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