Economy

Stocks Poised for a Weekly Gain

Posted 06/24/2022 10:16AM CTJeff Yasak

By: Jeff Yasak

U.S. equites are pointed higher this morning, setting up the first weekly gain in a month.  The drop in key commodity prices have relived some anxiety that the country might not be facing a full-fledged recession with the Federal Reserve tripping up the economy with rate hikes. This week saw oil prices hanging near the lowest levels since early May and copper, a closely watched indicator of manufacturing demand, has seen the worst week in more than 2 years.  Jerome Powell, The Federal Reserve Chairman, spoke to Congress on Capitol Hill yesterday and stated that he and his colleagues “can’t fail” in their effort to bring inflation back to the 2% level.  This is very much needed in the U.S. for price stability and points to more Fed rate hikes and a slower economic growth pattern.  “We really need to restore price stability,” said Powell to the House Financial Services Committee. “Because without that we are not going to be able to have a sustained period of maximum employment where the benefits are spread very widely. It’s something that we need to do, we must do.”

Support today is 375500 and 371000 with resistance showing 382600 and 385100.

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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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