RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

U.S. stock futures are slipping this morning after two strong days from the Federal Reserve’s statements on Wednesday. The rally stemmed from traders welcoming the Feds delay of tapering of the central bank’s bond purchase despite the anticipated rise of interest rates in 2022. However, as of Thursday evening bondholders have not received payments from China’s Evergrande. Evergrande, a private-sector Chinese property developer, will now enter a 30-day grace period to meet the payments. If payments aren’t received during that period, they could trigger a default which many are comparing to the Lehman Brothers collapse. There is a general feeling out of Beijing that the government will step in at some point to intervene despite the massive $300 billion in debt that is owed. The ruling party does not want to see a lack in stability it needs to maintain the power they have achieved. Support today is 440500 and 436000 with resistance checking in at 447500 and 450000.

E-mini S&P 500 Dec ’21 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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