U.S. stock futures were slightly down this morning after a positive Thursday trading session. Yesterday’s markets were higher after the Federal Reserve stated that they will ease some rules that limited banks abilities to invest in hedge funds and similar investments.  This will increase their profits since interest rates were cut to almost zero from the coronavirus outbreak. Traders had a boost of confidence by some moves made by officials allowing business to reopen, but some states have seen new restrictions after a surge in infections. States such as California, Florida and Texas all have seen a huge spike in hospitalizations after aggressive reopening’s. The Commerce Department released data this morning which showed consumer spending increasing by 8.2% for the month of May. This was the largest increase recorded since 1959. April’s number showed a historical low of a 12.6 decline. On the flip side, personal income dropped 4.2% after a record increase of 10.8% in April. April is when the Fed gave stimulus checks to millions of Americans and in greatly increased unemployment benefits to fight the COVID-19 hardship.

Support today is showing 302500 and 297800 with resistance at 309800 and 312500.

E-min S&P 500 Sep 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