RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Global equity markets were mixed overnight with Asian markets generally higher and the rest of the world under minor pressure. We are a little surprised that US markets aren’t showing more favorable early action in the wake of the positive leadership from Asian stocks, upbeat ECB economic views, and strong Italian consumer confidence results. However, news that google was presented with a 2.4 billion antitrust fine from the EU, and the prospect of intense political fighting in Washington over the healthcare reform bill has probably put US investors and traders on a back foot to start today. We are little disconcerted with the charts in the S&P, as an extending sideways consolidation hints at a loss of upside momentum and a potential critical decision point ahead. As indicated already, the sideways action in the E-Mini S&P suggests that investors are losing their interest in buying breaks and that has also resulted in a quasi-triple low zone at 2428-2428.25. Therefore, the market appears to have a critical pivot point just below the current market and a sweep of disappointing US scheduled data today could see prices slide in a valuation driven break.

 

Sep ’17 Emini S&P 500 Daily Chart

Sep '17 Emini S&P 500 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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