RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

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
Jeff studied finance at the University of Wisconsin-Madison and at Loyola University. He left the corporate world in 1995 to pursue his dream of working in the financial markets. Jeff's trading career began as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange. This is where he developed a great interest in the options market that led him to the retail futures business. Jeff spent a few years as a broker's assistant before managing clients of his own.
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