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
Jeff studied finance at the University of Wisconsin-Madison and at Loyola University. He left the corporate world in 1995 to pursue his dream of working in the financial markets. Jeff's trading career began as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange. This is where he developed a great interest in the options market that led him to the retail futures business. Jeff spent a few years as a broker's assistant before managing clients of his own.
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