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Dow Futures at Record Highs

by Archer Financial Services | Jun 19, 2017
By Alan Bush | Senior Financial Economist at ADMIS  

STOCK INDEX FUTURES

Stock index futures were higher in the overnight trade with Dow Jones futures advancing to a new record high.

There are no major economic reports scheduled for today

The main trend for stock index futures is higher. 

 

CURRENCY FUTURES

The U.S. dollar firmed after Federal Reserve Bank of New York President William Dudley said the Fed plans on tightening monetary policy “very judiciously.” In addition, he said he is very confident the expansion has “a long ways to go.”

We expect these early gains in the greenback will be given back later today and, in the longer term, we anticipate the U.S. dollar will underperform.

The euro currency is lower after a report said euro zone construction output increased 3.2% on a year to year basis in April, which compares to the 3.8% annualized rate reported in March.

The Japanese yen is lower after a report showed Japanese exports increased 14.9% in May, when an 18.2% increase was expected by economists. In spite of the weaker than predicted report, Japan's exports logged their biggest gains since January of 2015 and the sixth consecutive month of increases.

The Australian dollar is lower after Moody’s downgraded ratings on several Australian banks.

However, the pressure on the currency of Australia was limited when the Reserve Bank of Australia governor said Australia's economy will grow a little faster in coming years than it has recently.

 

INTEREST RATE MARKET FUTURES

Futures came under pressure earlier this morning due to hawkish comments from Dudley of the Federal Reserve.

At 6:00 this evening President of the Federal Reserve Bank of Chicago Charles Evans will speak about the economy. 

The probability that the Federal Open Market Committee will increase its fed funds rate at the December 13 meeting is 50%, which compares to 46% on Friday. 

 

SUPPORT AND RESISTANCE

                                                                               

September 17   S&P 500

Support    2429.00       Resistance    2445.00

 

September 17   U.S. Dollar Index

Support    96.630         Resistance    97.110

 

September 17    Euro Currency

Support    1.12160       Resistance    1.12780

 

September 17    Japanese Yen

Support    .90090         Resistance    .90660

 

September 17    Canadian Dollar

Support    .75460         Resistance    .75880

 

September 17   Australian Dollar

Support    .7569           Resistance    .7628

 

September 17   Thirty Year Treasury Bonds

Support    155^0          Resistance    156^6

 

August 17   Gold

Support    1246.0         Resistance    1260.0

 

July 17   Copper

Support    2.5550         Resistance    2.5950

 

August 17   Crude Oil

Support    44.31           Resistance    45.55

For more information about these markets, please contact Alan at 312.242.7911 or via email at alan.bush@admis.com. Thank you.

 

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Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The risk of loss in trading futures and options can be substantial. The views and opinions expressed in this letter are those of the author and do not reflect the views of ADM Investor Services, Inc. or its staff.  Research analyst does not currently maintain positions in the commodities specified within this report. The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright © ADM Investor Services, Inc.

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