RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

U.S. stocks futures are lower this morning after a $1.9 trillion COVID-19 relief package was released by President-Elect Biden’s team. This package will boost unemployment benefits, include a $1,400 stimulus check to individuals and fund the distribution of COVID-19 vaccines.  This package also included a proposal to increase the national minimum wage to $15 an hour, creating some fear with investors. This morning also saw the Commerce Department releasing a surprising drop in December retail sales of 0.7% from the prior month with an adjusted number of 1.4% in November from the previous stated 1.1% decline. This negative news adds to the hit that the U.S economy took at the end of 2020 with rising COVID numbers, increased lockdown restrictions and a loss of 140,000 jobs in December which was the first decline since April.

Resistance today is showing 380500 and 382800 with support at 377500 and 376000.

E-mini S&P 500 Mar ’21 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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