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Stocks Drift Higher Ahead of G-20

Posted 06/24/2019 11:28AM CT | Alexander Turro

U.S. equity markets are holding steady in the early session alongside Asian shares in the overnight with European stocks slumping amid falling German business confidence. This comes amidst imminent expectations of ‘major sanctions’ on Iran ahead of the G-20 summit meeting in Osaka with a potential meeting between President Trump and Xi to continue ongoing trade negotiations. Data reports include May PCE inflationary data in the U.S. as well CPI readings for much of the Eurozone. The S&P has rallied in recent weeks and is within earshot of all-time highs amid expectations of easing monetary policy and further rate cuts but is signaling immediate term overbought with today’s range seen 2840 – 2964 with near term support seen at 2947.25.

E-Mini S&P 500 Sep ’19 Daily Chart

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

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Alexander Turro

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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