U.S. stock futures fell this morning on increased trading tensions with China and a record drop in retail sales. As the coronavirus continued to keep people at home and businesses shuttered, the U.S. Commerce Department released the record breaking drop in retail sales. With an anticipated 11.2% decline the actual number of 16.4% in April was the largest since 1992 when record-keeping was started. Sales numbers in March showed an 8.3% decline. Clothing was down an incredible 78.8%, a drop of 89% year to year, electronics 61% and gasoline almost 30%.  Amazon was the only bright spot with an 8.4% increase. The U.S.-China trade relationship took a major step back As President Trump said he had no interest speaking to his Chinese counterpart and completely cutting ties with them remains on the table. “They should have never let this happen”, Trump said, “So I make a great trade deal and now I say this doesn’t feel the same to me. The ink was barely dry and the plague came over. And it doesn’t feel the same to me.”

Support today is 282200 and 274500 with resistance showing 291500 and again at 293000.

E-mini S&P 500 Jun ’20 Daily Chart
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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.

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