Equity

Stocks Down, Await News on China

Posted 05/29/2020 9:51AM CTJeff Yasak

U.S. stock futures are down this morning as investors await an address from President Trump on increased tensions between the U.S. and China which some have characterized as “Cold War” status. Losses from Thursday continued this morning, the final trading session of May, with the DJIA trading over 100 pts lower. Today’s untimed address was announced after a joint statement from the U.S., UK, Canada, and Australia condemned Beijing’s national security laws on Hong Kong. The National People’s Congress, China’s parliament, passed legislation that could greatly reduce democratic freedoms in that semiautonomous city. All this follows Trump’s efforts to pass legislation delisting some Chinese corporations from the U.S. exchanges. Also today, The University of Michigan released its highly regarded consumer sentiment survey. This index, a measurement of consumer attitudes on the business climate and spending, rose to 72.3 up from 71.8 in April which is sharply down from the 100.0 level a year ago.

Support today is 252700 and 229500 with resistance showing 284500 and 293000.

E-mini S&P 500 Jun ’20 Daily Chart
888-861-1656312-373-4966Series 3 Licensed

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.
Read More