RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

U.S. stock futures were relatively flat Friday morning after Thursday’s sharp sell-off initiated by the high inflation number and an announcement of a 100-basis point increase to the Fed Rate by July.  The Labor department released data on Thursday that showed a 7.5% increase in the consumer price index, a composite of the cost on everyday good, as opposed to the expected 7.2%.  This was the highest reading since the first quarter of 1982.  James Bullard, the St, Louis Federal Reserve Charmain, called for a 100 pt increase during the three regularly scheduled meetings before July with the first being in March.  Most economist are predicting an aggressive 50-pt hike during that first meeting in March with a total of 150-pts for the year to curtail the rising inflation.

Support today is checking in at 443150 and 441000 with resistance showing 454000 and 461400.

E-mini S&P 500 Mar ’22 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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