U.S. stocks followed global equity markets higher following a report late Friday that President Trump had ‘indefinitely suspended’ tariffs on Mexican imports after a deal had been reached to slow migration across the US-Mexican border. The upward extension in the S&P500 has pushed to test the psychological 2900 level with the market pricing an almost 90% probability of a July Fed rate cut following significantly weaker than expected nonfarm payroll reading on Friday. With multiple cuts expected, ‘any bad is good news’ for stocks. The S&P500 is signaling immediate term overbought and remains bearish trend with today’s range seen between 2725 – 2885.

E-Mini S&P 500 Jun ’19 Daily Chart

E-Mini S&P 500 Jun '19 Daily Chart

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Alex Turro

Senior Market Strategist

Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.

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