Equity

Stocks Trading Lower After Record Week

Posted 08/21/2020 9:04AM CTJeff Yasak

The S&P 500 made an all-time high this week trading higher than the previous mark set in February. The Nasdaq Composite also hit a record high on Thursday led by a rally in Big Tech stocks.  Amazon and Alphabet gained more than 4% this week, Microsoft nearly 3% and Apple became the first publicly traded company to reach $2 trillion in market valuation.  These tech gains have offset some disappointing unemployment data this week.  As lawmakers still struggle to agree on a new coronavirus stimulus bill the U.S. weekly jobless claims came in higher than expected after the additional unemployment benefits had expired.  The Labor Department reported 1.16 million claims last week vs an expectation of 923,000.  Last week this number was under the 1 million mark for the first time since March.

Support is checking in today at 336300 and 333200 and resistance at 340800 and 342000.

E-mini S&P 500 Sep ’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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