U.S. stocks had a mixed open this morning after seeing the worst single session drop yesterday in three months. The Nasdaq continued its tech stock sell off while the Dow and S&P 500 rallied on a better than expected payroll number for August. The Labor Department released data this morning that showed an increase in nonfarm payrolls of 1.37 million in August and the unemployment rate dropped to 8.4%  This was much better than the anticipated growth of 1.32 million jobs and a 9.8% rate. The August rate was the lowest it has been since the coronavirus shutdown in March. “We are still moving in the right direction and the pace of the jobs recovery seems to have picked up, but it still looks like it will take a while-and likely a vaccine-before we get close to where we were at the beginning of this year,’ said Tony Bedikan, head of global markets at Citizens Bank. “We continue to be optimistic that the economy has turned a corner and that we’ll continue to see steady progress.”

Support today is 277500 and 273000 with resistance at 354000 and 365000.

E-mini S&P 500 Oct ’20 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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