Equity

Good End to a Bad Week for Stocks

Posted 05/24/2019 9:16AM CTJeff Yasak

The U.S. stock market is up this morning along with European stock ending on a good note to a challenging week where trade tensions dominated the market.  S&P futures rose 0.6 percent earlier today after President Trump said that there remained a “good possibility” that the negotiations with Beijing could get back on track.  He also noted that Huawei, the Chinese tele-com giant, might be involved in a trade deal with China.  Durable goods orders fell 2.1 percent in April as transportation equipment orders slid again.  Excluding the transportation numbers, orders remained nearly the same as March.   UK markets traded higher as Theresa May announced she would be resigning her post as prime minister in a few weeks’ time.  This market was also fueled as the UK retail sales came in above the forecasts.

Support in the E-mini S&P is coming in today at 279200 and 277500, with resistance showing around 284500 and again at 288000.

E-mini S&P Jun ’19 Daily Chart

E-mini S&P 500 Jun '19 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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