This morning has stock futures mixed, holding close to record highs as investors digested the Federal reserve’s decision to taper some of their monetary policies as the economy continues to recover. Tech stocks were higher, and the Nasdaq led the way on the major indexes. With the Fed’s latest monetary policy decision and the stronger than expected quarterly corporate earnings released on Thursday the S&P 500, Dow and Nasdaq set intraday and closing highs once again. Not to anyone’s surprise the central bank announced that it would begin tapering its asset purchase program starting this month. The Federal Open Market Committee members decided that the economy had made “substantial further progress” in recovery paving the way for removal of policy support. The next month will see a reduction in $15 billion in asset purchases and another $15 billion in December but they have added flexibility with the uncertainty around inflation.

Support today is 462950 and 460000 with resistance at 467500 and 469000.

E-mini S&P 500 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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