Global equity markets moved higher in the overnight with Asian markets buoyed by the announcement of the People’s Republic of China reintroducing a measure known as counter-cyclical factor, which is intended to stabilize the value of the yuan. Market sentiment has been positive with talks of an agreement between the U.S. and Mexico in the renegotiation of the North American Free Trade Agreement or NAFTA, with an announcement expected later this morning. The market has also appeared to have garnered support from Fed Chairman Powell’s statement on Friday regarding the gradual raising of interest rate while uncertainty over Turkey and Italy remain as Italy will be looking ahead for investors to cover their debt. The S&P 500 has broken through the previous high of 2889.00 but is trading near overbought levels and has with support coming in around 2877.

E-mini S&P Sep ’18 Daily Chart

E-mini S&P Sep '18 Daily Chart

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Alexander Turro

Senior Market Strategist
Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.
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