RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

U.S. stock futures rallied off their lows Friday morning after the release of a stronger than expecting job report. The U.S. added 1.763 million jobs in July while economists were predicting a number in the 1.4 million area.  The unemployment rate was also better than expected coming in at 10.2%.  Revisions for the months of May and June were also higher on todays release. This positive news came when investors were eagerly waiting for lawmakers to come to an agreement on a new U.S. relief package. The negotiations were near a collapse Thursday as White House officials and Democratic leaders were no where close to making a deal and these positive numbers could ease pressures of a quick deal. “If this had been a bad number, it would have forced the negotiators to get a deal done.” Said Matt Maley, chief market strategist at Miller Tabak & Co. “So in a perverse way, the better-than-expected data raises the odds that nothing will get done soon on the fiscal front.”

Support today is checking in at 332000 and 330000 while support is showing 336600 and 337500.

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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