RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Overnight global equity markets were weaker, with TOPIX being the exception. Political tensions in Spain, soft UK retail sales numbers, and negative psychological threat from the anniversary of the 1987 stock market crash all led to the downward push. With many stock index measures and stock issues sitting in new all-time highs, the mere psychological effect from the anniversary is having an effect. Fortunately for the bull camp, overnight Chinese economic data was generally upbeat, and corporate earnings have been supportive. However, there is the uncertainty in the direction of the Fed leadership on whether or not they will be hawkish or dovish on their interest rate decisions. Traders will be looking for news from the White House meeting with Fed Chair, Janet Yellen. With a number of negatives facing the market and early, rather noted, damage on the charts, the stock market crash anniversary is seemingly given some credibility. Initial support in the December S&P is seen at the early low of 2542.50, and then not until the 21-day moving average down at 2532.40. In order to turn the bias around, we might only require a rally back above 2551.00.

 

Dec ’17 Emini S&P Daily Chart

Dec '17 Emini S&P 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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