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
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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