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While it is clear the market has not taken too favorable to data highlighting deteriorating growth, yesterday’s major driver was geopolitical fears.E-mini S&P (December) / E-mini NQ (December) S&P, yesterday’s close: Settled at 5759.75, down 54.50 NQ, yesterday’s close: Settled at 19,975.00, down 286.25 October kicked off with a whirlwind of news. The geopolitical landscape quickly heated up after Iran fired ballistic missiles at Israel yesterday morning, and now Israel has vowed a response. ISM Manufacturing data also released around the same time (9:00 am CT) highlighted a deteriorating landscape, with Prices contracting for the first time this year and the headline number contracting more than expected. However, JOLTs job openings data came in higher than expected, creating an even more challenging backdrop. A data-heavy week will now take a breath after the private ADP Payroll survey came in stronger than expected this morning and before tomorrow’s ISM Services read. While it is clear the market has not taken too favorable to data highlighting deteriorating growth, yesterday’s major driver was geopolitical fears. E-mini S&P and E-mini NQ futures slipped sharply in the first half of the day, but all things considered, markets held together. In fact, the E-mini S&P stopped just short of rare major four-star support at 5721.25-5726 and ripped as high at 5783.75, where previous support is now major three-star resistance at... Want to keep up with the market? Subscribe to our daily Morning Express for essential insights into stocks and equities, including the S&P 500, NASDAQ, and more. Get expert technical analysis, proprietary trading levels, and actionable market bias delivered straight to your inbox. Sign Up for Free Futures Market Research – Blue Line Future Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results. On the date of publication, Bill Baruch did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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