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Stocks Under Pressure to Start the Week

Posted 12/17/2018 12:00PM CT | Alexander Turro

U.S. equity markets are under pressure to start the week ahead of the conclusion of the Federal Reserve’s monetary policy meeting on Wednesday with short-term rates expected to raise and attention on the Fed’s outlook for next year. These expectations come amidst weaker economic data and lower oil prices with remarks in November by Fed Chairman Powell that rates appeared to be ‘just below the so called neutral level.’ New initiatives by the Chinese government may be introduced later this week to stimulate their economy following a recent injection of money by their central bank. A slew of US economic data is set to be released at the end of the week including durable goods as well as third quarter gross domestic product with a partial government shutdown looming if Congress and President Trump cannot agree on a budget plan. With an increase and a relatively significant long position in the S&P, this could preempt further selling prior to the Fed announcement. Support for the E-Mini S&P 500 is seen at 2558.50 with resistance at 2632.50 with the next upside target seen around 2668

E-Mini S&P 500 Mar ’19 Daily Chart

E-Mini S&P 500 Mar '19 Daily Chart

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Alexander Turro

Market Strategist
Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.
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