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We Have Lyft Off!

Posted 03/29/2019 9:13AM CT | Jeff Yasak

U.S. stock futures were up overnight as the trade news was a bit upbeat. The Secretary of the Treasury, Steve Mnuchin, tweeted that constructive talks have concluded in Beijing, and he was looking forward to meeting China’s Vice Premier Liu in Washington next week.  The Chinese commerce ministry spokesman, Gao Feng, was also positive stating that both sides are currently sparing no effort in the talks. The investors are also very excited today with ride-hailing company Lyft entering the market today with its IPO. The company is hoping to put upwards of 30 million shares up for sale at an anticipated price of $72 each.  Lyft with a valuation of $24bn is widely preferred to Uber and it’s $120bn valuation.  Uber has been criticized for concerns of passenger safety and sexual harassment. Today’s resistance is 283400 and 284500 while support coming in at 256000 and 254500.

E-Mini S&P 500 Jun ’19 Daily Chart

E-mini S&P 500 Jun '19 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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