Equity

Volatility Continuing to Cloud Stocks

Posted 09/18/2020 9:08AM CTJeff Yasak

U.S. stocks are looking to open todays session mixed after another volatile day that saw tech stocks fall sharply despite another encouraging jobless number.  Facebook, Amazon, and Apple led Thursday’s tumble to the largest down day of the week showing some of the investors concerns as these stocks have been sharply rallying since spring.  The U.S. Department of Labor released data on Thursday showing 860,000 claims filed for the week.  Even though this was slightly higher than the anticipated number it was still below the psychologically important number of 1 million.  On Wednesday the Fed announced it would be keeping interest rates near zero for the better part of three years, this is due to the continuing challenges and risks to the economy from the ongoing pandemic.

Support today is checking in at 331000 and 327500 while resistance is showing 339000 and 342500.

E-mini S&P 500 Oct ’20 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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