The overnight global equity markets were mixed with Chinese and Pacific region stocks lower and other areas showing slight gains.  The disappointing Facebook results were offset by hopes of an improvement in US/European trade relations.  After the close yesterday, Facebook announced revenue and user growth were lower than expected, and plan to decline the next two quarters.  This news made Facebook fall 20%.

The Facebook news clearly damages the potential positive leadership from the tech sector going forward and given the importance of the company, one might expect a much bigger early washout in the overall marketplace.  The S&P from the close yesterday is down online nine points and remains near the upper portion of the huge range up extension yesterday.  Anything hawkish from the ECB could allow for a chop this morning back down to 2830.  Resistance comes in at 2860 with support at 2820.

E-mini S&P 500 Sep ’18 Daily Chart

E-mini S&P 500 Sep '18 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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