RJO FuturesCast

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Indices

Stocks Tumble as Traders Eye Hawkish Fed

Posted 10/18/2018 10:04AM CT | Jeff 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
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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