Equity

Stocks Tumble as Traders Eye Hawkish Fed

Posted 10/18/2018 10:04AM CTJeff Yasak

Overnight markets were mostly lower with heavy losses seen in Asia. The U.S. open will start with the jobless claims expecting to show a slight decline from the previous reading of 217,000. A strong labor market and economy will most likely keep the Fed on track for another rate increase this year. Traders will also be looking to the Philly Fed Survey today as soft news can lead to a larger sell-off. There will also be some key earnings after the close with AmEx and PayPal leading the way.

Today’s support is 2796.00 and below at 2769.00 while resistance is 2837.00 and 2851.00.

E-Mini S&P 500 Dec ’18 Daily Chart

E-Mini S&P 500 Dec '18 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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