RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

U.S. stock futures quickly rallied off their lows this morning after a release of a Federal Reserve inflation gauge that calmed some worries of the rising interest rate. The Fed released their personal consumption index expenditures price index, PCE, showing an increase of 0.3% for the month which was slightly ahead of the expected 0.2%. Conversely, yields on treasuries dropped after this release. The 10- year slipped close to 5 basis points to 1.47% after seeing a high above 1.6% on Thursday. The 10-year, a bond rate used as a benchmark for auto and mortgage loans, is up a surprising 50 basis points since the beginning of the year. Traders will also be looking at Congress today as the Democratic-controlled U.S. House of Representatives looks to pass President Biden’s $1.9 trillion coronavirus aid bill. This would be his first major legislative victory of his presidency.

Support today is 376000 and 37200 with resistance checking in at 389000 and 3980000.

E-mini S&P 500 Mar ’21 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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