RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

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
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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